ACME Solar , HG Infra Engineering gets Sebi’s approval to launch IPO

ACME Holdings and HG Infra Engineering have received Sebi’s approval to launch initial public offerings, as per the latest update with markets regulator.

Together, these companies are expected to garner Rs 2,700 crore through initial share-sales.

The two firms had filed their respective draft red herring prospectus (DRHP) with the regulator on September 28.

ACME Holdings and HG Infra Engineering received “observations” from Securities and Exchange Board of India (Sebi) on December 15 and December 13, respectively, which is necessary for any company to launch public offers.

Going by the preliminary papers, energy firm ACME Holdings plans to raise Rs 2,200 crore through its initial public offer (IPO).

Funds raised through the issue will be used to pay debt and to finance the company’s 200 MW project in Rajasthan and for other general corporate purposes.

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Besides, the company is considering a pre-IPO placement of up to 52,22,079 equity shares to certain investors for up to Rs 500 crore.

ICICI Securities, Citigroup Global Markets India and Deutsche Equities India will manage the company’s public issue.

HG Infra Engineering’s IPO comprises fresh issue of equity shares worth Rs 300 crore besides an offer of sale 60 lakh scrips by the existing shareholders.

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Funds raised through the fresh issue will be used for purchasing capital equipment, repayment of loan and for other general corporate purposes.

According to merchant banking sources, the public issue is expected to fetch Rs 500 crore.

SBI Capital Markets and HDFC Bank are the merchant banker to the issue.

Source: PTI

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