Blue Bird, Gulshan Sugars file IPO/FPO papers

Blue Bird (India), filed its draft red herring prospectus with the Securities & Exchange Board of India (Sebi) to enter the capital market with its initial public offering (IPO) of equity shares, according to an official release issued today.

The company proposes to offer 10 million equity shares of Rs 10 each for cash at a premium to be decided through the book building process. Of the 10 million equity shares on offer, 50% is reserved for allotment to qualified institutional bidders, another 15% to non-institutional investors, and the remaining 35% is reserved for allotment to retail investors on a proportionate basis.

In a related development, Gulshan Sugars & Chemicals has filed the draft prospectus with the Securities and Exchange Board of India (SEBI) to enter the capital market with a fixed price follow-on issue of equity shares, an official release said.

The company proposes to issue 66,00,000 equity shares of Rs 8 each for cash at a premium. The issue would constitute 51.51% of the fully diluted post issue paid up capital of the company. The equity shares of the company are presently listed on the BSE. It has now proposed to list the equity shares on National Stock Exchange (NSE) also, the release said.