Three India-based financial companies have received approval from the Securities and Exchange Board of India, or SEBI, for their proposed IPOs, Press Trust of India reported Sept. 10.
The markets regulator issued its "observations," which serve as SEBI's approval for public issues, on the listings of Srei Equipment Finance Ltd., Hinduja Leyland Finance Ltd. and AAVAS Financiers Ltd. on Sept. 7.
Srei Equipment Finance in November 2017 filed a draft prospectus with SEBI for its planned IPO, comprising an issuance of 11 billion rupees of new shares and an offer for sale of up to 4,386,765 shares held by parent Srei Infrastructure Finance Ltd.
On the other hand, Hinduja Leyland Finance, a nonbanking finance company, lodged its prospectus in June to raise 5 billion rupees through an issuance of equity shares, with a sale of 30,682,475 shares.
Mortgage lender AAVAS Financiers also filed its prospectus in June. The offering will be a combination of a new share issuance of up to 4 billion rupees and an offer for sale of up to 16,249,359 shares from existing shareholders, including Lake District Holdings Ltd. and Partners Group ESCL Ltd.
The companies' shares will be listed on BSE and National Stock Exchange of India, the report said.
As of Sept. 10, US$1 was equivalent to 72.54 Indian rupees.