Absolute Projects (India) Ltd and Jindal Supreme (India) Ltd have secured Sebi's approval to raise funds through initial public offerings (IPOs), an update from the markets regulator showed on Monday.
The two firms, which filed their preliminary IPO papers between April and May , obtained the regulator's observation on July 17.
In Sebi parlance, issuing observations implies approval to float the IPO. According to the draft papers, Absolute Projects' IPO comprises a fresh issue of 2 crore equity shares with no offer-for-sale (OFS) component.
Funds will be used to modernise Manufacturing Facility I, procure machinery for Manufacturing Facility II, and secure equipment for Power EPC projects.
Absolute Projects is an engineering, procurement and construction (EPC) player engaged in the execution of power transmission and distribution infrastructure projects.
Jindal Supreme's IPO consists of both a fresh issue of 1.07 crore equity shares and an offer-for-sale (OFS) component of 26.87 lakh equity shares by promoter VVJ Enterprise Private Limited (previously known as J J Jindal Infin Private Limited).
Funds raised through the fresh issue will be used to repay debt.
Jindal Supreme manufactures and supplies a wide range of steel pipes and tubes for diverse infrastructure and industrial applications.
Shares of both companies will be listed on the BSE and NSE. PTI
