Patel Infra, Krishna Institute get Sebi nod for IPOs

With the addition of the two companies, the total number of IPO approvals this year is 11 so far.

business Updated: Mar 14, 2018 18:26 IST
Press Trust of India
Press Trust of India
Press Trust of India, Mumbai
IPO,Initial public offer,Patel Infra IPO
The logo of the Securities and Exchange Board of India (SEBI) is installed on the facade of its head office building in Mumbai.(Reuters File Photo)

Two companies -- Patel Infrastructure and Krishna Institute of Medical Sciences (KIMS) -- have received markets regulator Sebi’s go ahead to float their initial share-sale offers.

With this, the total number of companies receiving approval for an initial public offering (IPO) has reached 11 so far this year.

Gujarat-based Patel Infra, and Maharashtra-based KIMS obtained ‘observations’ from Sebi on March 5 and March 7 respectively, as per the latest update with the markets watchdog.

The companies had filed their draft papers with Sebi between December and January.

Sebi’s ‘observations’ are necessary for any company planning to launch pubic issues like rights issue, or an initial public offer (IPO).

Going by the draft papers, Patel Infra’s IPO will see sale of equity shares worth Rs 400 crore.

The hospital chain will issue fresh shares worth Rs 50 crore, besides, an offer of sale for 18,754,037 equity scrips by the existing shareholders including ICICI Venture.

First Published: Mar 14, 2018 18:26 IST