 "TBO Tek, Awfis Space Solutions receive Sebi's approval to float IPO")
Travel distribution company TBO Tek Ltd and flexible workspace solutions firm Awfis Space Solutions Ltd have received markets regulator Sebi's go-ahead to raise funds through Initial Public Offerings (IPOs).
The two firms, which filed their preliminary IPO papers with the regulator between November and December, obtained their observations during April 15-16, an update with the Securities and Exchange Board of India (Sebi) showed on Tuesday.
In Sebi's parlance, its observations mean it's going ahead to float the public issue. TBO Tek's maiden public issue comprises a fresh issue of equity shares aggregating up to Rs 400 crore and an Offer For Sale (OFS) of up to 15,635,996 equity shares by promoters and investors, according to the Draft Red Herring Prospectus (DRHP).
Those selling shares in the OFS are promoters -- Gaurav Bhatnagar, Manish Dhingra and LAP Travel -- and investors -- TBO Korea and Augusta TBO.
Funds raised from the fresh issue will be used for the growth and strengthening of the platform by adding new buyers and suppliers, and unidentified inorganic acquisitions, besides, a portion will be used for general corporate purposes.
Awfis Space Solutions' proposed IPO is a combination of fresh issue equity shares worth Rs 160 crore and an OFS component of over 1 crore equity shares, as per the draft papers.
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The OFS comprises the sale of 50.11 lakh equity shares by Peak XV Partners Investments V (formerly known as SCI Investments), 49.36 lakh equity shares by Bisque Limited and 75,174 equity shares by Link Investment Trust.
Proceeds from the fresh issue would be used towards funding capital expenditure towards setting up new centres, supporting working capital requirements, and general corporate purposes.
Additionally, Sebi has returned the draft documents of Orient Green Power Company's proposed rights issue. Without disclosing the reason, the regulator has returned the offer documents on April 16. The documents were received by Sebi on January 2, the update showed.