Market regulator Sebi has sought clarification from the merchant banker of PNC Infratech Limited regarding the company's proposed initial public offer (IPO).
Without disclosing details of clarifications sought, Sebi has said "clarifications (are) awaited from lead manager" for the proposed public issue.
According to the latest weekly update to the processing status of draft offer documents filed with Sebi, the regulator has said clarifications are awaited on the proposed IPO of Agra-based infrastructure firm, PNC Infratech, as on November 28, 2014.
Sebi said it might issue observations on PNC Infratech's IPO document within 30 days from the date of receipt of a satisfactory reply from the lead merchant banker, ICICI Securities, to the clarification or additional information sought.
The regulator had received the draft offer documents on September 25 through its lead manager.
As per Draft Red Herring Prospectus, the company plans to hit the capital markets with a public issue of over 1.29 crore equity shares of face value of Rs 10 each.
The offer comprises a fresh issue of 1.15 crore equity shares and an offer for sale of 14.22 lakh equity shares.
The capital raised through the issue would be utilised for "funding working capital requirements, investment in subsidiary, PNC Raebareli Highways Pvt Ltd, for part-financing the Raebareli-Jaunpur project; investment in capital equipment; repayment/ prepayment of certain indebtedness; and funding expenditure for general corporate purposes.
