Toll management company MEP Infrastructure Developers has received market regulator Sebi's approval to raise Rs 360 crore through an initial public offer (IPO).
The Mumbai-based company had filed its draft papers with the Securities and Exchange Board of India (Sebi) for the proposed public offer in September. Sebi issued its final 'observations' on the draft red-herring prospectus (DRHP) documents on December 9, according to the latest update by the capital markets regulator.
Issuance of 'observations' on offer documents by Sebi is considered as a clearance to the issuer to go ahead with the share issues through routes like IPOs, FPOs and rights issue.
MEP Infrastructure, promoted by the Mhaiskar family, plans to enter capital markets with a public issue of equity shares worth up to Rs 360 crore.
The proceeds of the issue would be utilised for repayment of certain loans and for general corporate purposes.
The issue is being managed by IDFC Securities Ltd, Inga Capital Pvt Ltd and IDBI Capital Market Services Ltd. The company, along with its subsidiaries has operated 68 projects with an aggregate of 122 toll plazas and 783 lanes across 12 states in the country.
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