Kumar Urban Development (KUD) and Tarapur Transformers have received the market regulator, Securities and Exchange Board of India (SEBI) nod to raise the funds through public issues.
Real estate firm KUD plans to raise Rs 450 crore through an initial public offering (IPO) to retire high cost debts and for new projects.
Tarapur Transformers, a Bilpower's subsidiary is planning to tap capital markets to mobilise over Rs 69 crore. The company will use issue proceedings for expansion and modernization of Pali unit, to part-finance incremental working capital requirements, the acquisition of business and the marketing and corporate branding expenses.
Including, these two companies, total fifteen companies have received SEBI's approval and will be hitting the market in next few months. The list includes Emmar MGF Land, Lodha Developers, Oberoi Realty and Reliance Infratel.
Thirty-eight other companies have filed the red herring prospectuses (RHP) with the SEBI, few of them awaiting clarifications from their lead managers.
Jindal Power, Gujarat State Petroleum Corporation, Sterlite Energy, Hindustan Media Ventures and Gujarat Pipavav Port are among the few companies awaited for the market regulator nod to mobilise the funds through IPO.
Meanwhile, Fineotex Capital Limited, Kavveri Telecom Products Limited, and Everest Infra Energy Limited lead managers have withdrawn the IPO's due to unavoidable circumstances.
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