Hindustan Aeronautics, 3 others get Sebi's nod for IPO

As many as four firms, including state-owned Hindustan Aeronautics, have received Sebi's approval to launch their initial public offerings, latest update with the market regulator showed.

Other three firms are Future Supply Chain Solutions, Gandhar Oil Refinery (India) Ltd and Aster DM Healthcare.

The four companies had filed their respective draft papers with Sebi between August and September and obtained 'observations' from the markets watchdog on October 26-27.

The 'observation' from Securities and Exchange Board of India (Sebi) is necessary for any company to launch their public offers.

Through, Hindustan Aeronautics' IPO, the government will sell 3.61 crore shares, amounting to 10 per cent, as per the draft papers.

The public issue of Future Supply Chain Solutions' comprises an offer for sale of up to 78,27,656 equity shares by Griffin Partners and up to 19,56,914 equity shares by Future Enterprises.

According to merchant banking sources, the IPO is expected to garner Rs 700 crore. Future Supply Chain Solutions is part of Kishore Biyani's Future Enterprise Ltd.

Gandhar Oil Refinery's initial share-sale offer consisted of fresh issuance of equity shares worth Rs 195 crore and an offer for sale of up to 6 lakh scrips by the existing shareholders.

Hospital chain Aster DM Healthcare has also received a regulatory go-ahead from the market regulator to float an initial public offering.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)