SEBI Returns Preliminary IPO Papers of BVG India and Fincare Small Finance Bank India
India’s markets regulator, the Securities and Exchange Board of India (SEBI), has returned the draft red herring prospectus (DRHP) of BVG India and Fincare Small Finance Bank India. BVG India Ltd, an integrated services company, had filed its IPO papers with SEBI in September 2021 to raise funds through an initial public offering.
The IPO comprises a fresh issue of equity shares of up to Rs 200 crore and an offer-for-sale of up to 71,96,214 shares. Similarly, Fincare Small Finance Bank had refiled its preliminary papers with SEBI in August 2021 to raise funds through an IPO, after the approval given to the lender to launch the issue expired in July.
The IPO comprises a fresh issue of equity shares of up to Rs 625 crore and an offer-for-sale aggregating up to 1.7 crore equity shares. SEBI returns the draft papers of BVG India and Fincare Small Finance Bank India on March 2 and March 3, respectively.
Under SEBI rules, a firm gets one year to hit the primary market after receiving approval. In case a firm fails to launch an IPO during this period, it has to refile the prospectus with SEBI to seek fresh clearance.
In another update, R&B Infra Project, an infrastructure company, received SEBI’s approval for its proposed IPO. The regulator gave a final observation letter for the same on March 3, which implies a green signal for the public issue.
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