Sebi Greenlights IPOs for Five Firms Including Afcons Infrastructure

Five companies, including Afcons Infrastructure Ltd, have received approval from Sebi to launch initial public offerings (IPOs). The companies, filed their preliminary paperwork between March and June, and gained approval between September 5 and 13. Afcons Infrastructure plans to raise Rs 7,000 crore, while other companies like Godavari Biorefineries, Shivalik Engineering, Quadrant Future Tek, and Enviro Infra Engineers also have significant IPO plans.

Five companies, including the flagship infrastructure engineering and construction company of Shapoorji Pallonji group, Afcons Infrastructure Ltd (AIL), have received clearance from Sebi to raise funds through initial public offerings, according to a regulatory update on Monday.

Others gaining Sebi's go-ahead are Godavari Biorefineries, Shivalik Engineering Industries Ltd, Quadrant Future Tek, and Enviro Infra Engineers. These firms, having filed their preliminary IPO documents between March and June, obtained regulatory observations from September 5-13.

An observation letter from Sebi signals approval to float the public issue. Afcons Infrastructure Ltd's proposed Rs 7,000-crore IPO comprises a fresh issue of shares for Rs 1,250 crore, and an offer for sale of up to Rs 5,750 crore by promoter Goswami Infratech Pvt Ltd. The proceeds will be used for capital expenditure, funding long-term working capital needs, repaying certain borrowings, and general corporate purposes. Similarly, Godavari Biorefineries, Shivalik Engineering, Quadrant Future Tek, and Enviro Infra Engineers have outlined extensive funding goals through their IPOs.

(With inputs from agencies.)