Sebi clears Pennar Engineered's IPO plan

Pennar Engineered Building Systems has received approval from market regulator Sebi to float an initial public offer (IPO).
With this, the number of firms that have got Sebi nod for an IPO since the beginning of the year has gone up to 22.

The company, a subsidiary of Hyderabad-based Pennar Industries, in March had filed its draft red herring prospectus (DRHP) with Sebi through its lead merchant banker, Motilal Oswal Investment Advisors.

The Securities and Exchange Board of India (Sebi) issued its final observations on the draft offer documents on July 10, which is necessary for any company to launch a public offer.

The proposed public issue of Pennar Engineered Buliding System Limited comprises of a fresh issue of up to Rs 580 million and an offier for sale which consists of 1) 3,461,222 Equity shares offered by Zephyr Peacock India Fund III Limited, 2) 1,554,919 Equity shares offered by Zephyr Peacock India III Fund, 3) 300,000 Equity shares offered by Usha Ramani Potluri, 4) 200,000 Equity shares offered by Vikram Chachra, and 5) 100,000 Equity shares offered by Eight Finance Private Limited.