Financial services company SMC Global Securities has received Sebi's go-ahead to mop up Rs 125 crore through an initial public offer.
The company had filed initial papers with the Securities and Exchange Board of India (Sebi) in October last year for the proposed public issue.
Sebi came out with its final observations on the draft offer document on April 8 this year, which are deemed necessary for any such move.
This is the company's second attempt to raise money through a public offer.
According to the draft prospectus, the company plans to launch "further public offer of shares of face value of Rs 2 each of SMC Global Securities Ltd aggregating up to Rs 1,250 million".
It comprises a fresh issue of shares worth Rs 107 crore and an offer for sale to the tune of Rs 18 crore by Millennium India Acquisition Company Inc.
The proceeds would be utilised towards margin maintenance with stock exchanges, investments into subsidiaries -- Moneywise Financial Services Private Limited and SMC Capitals and Limited -- and general corporate purposes.
ICICI Securities Limited and Elara Capital (India) Private Limited are the book running lead managers of the issue.
The company is currently listed on Delhi, Ludhiana, Calcutta and Ahmedabad stock exchanges.
Earlier, in November 2012, SMC Global Securities had filed draft documents with Sebi for its public offer. The company had received approval in May 2013, carrying a validity of one year.
However, it did not push ahead due to unfavourable market conditions.
Prior to SMC Global Securities, as many as seven companies, including Sadbhav Infrastructure Projects and UFO Moviez India, had received Sebi approval to launch their IPOs to fund business expansion and meet working capital requirements.
