Clean Science Tech, Shriram Properties and GR Infra IPO approved by SEBI

Market regulator SEBI has today given its approval for not one or two, but three huge IPOs. The companies that have been allowed by SEBI to bring public issue include Clean Science and Tech, Shriram Properties and GR Infraprojects.

These three companies had applied for IPO launch in April, 2021. Clean Science Tech is planning to raise Rs 1400 from the primary market through this IPO. At the same time, Shriram Properties will bring an IPO to raise Rs 800 crore. Similarly, GR Infra will launch a public issue to raise Rs 800 to 1000 crore.

Clean Science and Technology

Pune-based Clean Science and Technology Company, one of the world’s largest specialty chemical companies, will raise Rs 1,400 crore from the primary market. The company will not issue any fresh shares for this public issue. The promoters and existing investors of the company will sell the shares.

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Let us tell you that Clean Science Tech is the world’s largest manufacturer of specialty chemicals like MEHQ, BHA, Anisol and 4-MAP. The company also produces performance chemicals, FMCG chemicals as well as pharmaceutical chemicals used in making medicines.

According to the draft Red Herring Prospectus (DRHP) filed with SEBI, the company will issue shares through Promoter Offer for Sale (OFS) for this IPO. The promoters of the company Ashok Ramnarayan Boob and Asha Ashok Boob will issue shares worth Rs 446.70 crore. Both will issue equal shares.

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On the other hand, Krishnakumar Narayan Boob will issue shares worth Rs 83.08 crore. Apart from these, Ashokkumar Ramkishan Sikchi HUF will issue shares worth Rs 124.53 crore, Asha Ashok Sikchi Rs 104.47 crore and Siddharth Ashok Sikchi Rs 37.08 crore.

Shriram Properties

Bengaluru-based real estate company Shriram Properties Pvt Ltd is set to raise Rs 800 crore from the primary market. Shriram Properties will issue fresh equity shares worth Rs 250 crore for this IPO. Also, the promoters and existing investors of the company will issue shares worth Rs 550 crore for this public issue.

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The company will use the money raised through this IPO to pay off its debt. Through this IPO, the company will provide exit routes to its existing investors Walton Street Capital, Starwood Capital Group, Tata Capital Limited and TPG Capital.

In this IPO, Omega TC Sabre Holdings Pte Ltd will issue shares worth Rs 147.10 crore. At the same time, Tata Capital Financial Services will sell shares worth Rs 13 crore. TPG Asia SFV Pte will issue shares worth Rs 148.90 crore and Walton Street Capital and Starwood Capital Group will issue shares worth Rs 216 crore.

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Omega TC Sabre Holdings Pte Ltd holding 16.33%, TPG Asia 16.56% and Walton Street Capital Mauritius 23.97% stake in Shriram Properties as of March 2020.

Gr Infraprojects Limited

Infrastructure development company Gr Infraprojects Limited (GRIL) will issue 1.15 crore equity shares of Rs 5 face value through offer for sale (OFS) in this IPO. These shares will be issued by the promoters and existing investors of the company. The company will not issue any fresh shares for this public issue.

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Due to the absence of a fresh share issue, the company will not get any part of the funds raised through this IPO. This is not the first time that GRIL has approached SEBI for an IPO. Let us tell you that the promoters’ stake in GRIL is 88.04%. At the same time, other investors of the company hold 11.96% stake.

Lokesh Builders Private Limited, the promoter of GR Infraprojects, will issue 11.42 lakh shares for this IPO. This will reduce the stake of Lokesh Builders in the company by 33%. Apart from this, the promoter group Jasamrit Premises, Jasamrit Fashions etc. will sell a total of 3.07 lakh shares.

India Business Excellence Fund and India Business Excellence Fund 1 will exit from GRIL through this IPO. That is, both these funds will sell their entire stake in 95.73 lakh shares in this IPO. Apart from these, the company’s investor Pradap Agarwal will also sell some of his 5 lakh equity shares.

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