According to a Tuesday update from the Securities and Exchange Board of India (Sebi), the two businesses, that submitted their preliminary IPO papers to Sebi in August and September 2022, received the observation letters on January 23.
Balaji Solutions, a provider of computer gear and mobile accessories, and Enviro Infra Engineers, a company that offers wastewater treatment solutions, have been given permission to raise money through initial public offerings by financial markets regulator Sebi (IPOs).
Receiving an observation letter from the regulator is referred to by Sebi as giving the go-ahead to float the maiden share offering.
An offer-for-sale (OFS) of up to 75 lakh equity shares by a promoter and a promoter-group business, as well as a fresh issue of equity shares worth up to Rs 120 crore, make up Balaji Solutions’ public offering.
Rajendra Seksaria will sell shares through the OFS on behalf of both himself and Rajendra Seksaria HUF.
The business might take into account a pre-IPO transaction of up to Rs 24 crore. If such a placement is successful, the size of the new issue will be decreased.
The business would use the Rs 86.60 crore in proceeds from its most recent offering for general corporate purposes and to meet further working capital needs.
An organization called Balaji Solutions, which specializes in IT hardware, mobile accessories, and branding, manufactures and sells items under the “Foxin” name.
According to the draft papers, Enviro Infra Engineers’ first public offering would sell 95 lakh equity shares only and not include any OFS.
Working capital needs and general business purposes will be met using the money obtained through the offering.
For government agencies, Enviro Infra Engineers works on projects including the design, building, operation, and maintenance of water and wastewater treatment plants as well as water delivery schemes.
