{"id":77919,"date":"2018-05-14T21:42:06","date_gmt":"2018-05-14T21:42:06","guid":{"rendered":"http:\/\/www.bnreport.com\/fine-organic-devi-seafoods-get-sebi-nod-for-ipo\/"},"modified":"2018-05-14T21:42:06","modified_gmt":"2018-05-14T21:42:06","slug":"fine-organic-devi-seafoods-get-sebi-nod-for-ipo","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/fine-organic-devi-seafoods-get-sebi-nod-for-ipo\/","title":{"rendered":"Fine Organic, Devi Seafoods get Sebi nod for IPO"},"content":{"rendered":"

Two companies \u2014 Fine Organic<\/a> Industries and Devi Seafoods<\/a> \u2014 have received capital markets regulator Sebi<\/a>'s approval to float initial public offerings. <\/p>\n

Fine Organic and Devi Seafoods had filed their IPO<\/a> papers in February and March, respectively, and both firms obtained Sebi's "observations" on May 11, latest update with markets regulator showed. <\/p>\n

Sebi's observations is necessary for any company planning to launch public issues like initial public offer, follow-on public offer and rights issue. <\/p>\n

With this, the total number of companies receiving Sebi's (Securities and Exchange Board of India) approval has reached 18 so far this year. <\/p>\n

Going by the draft papers, Fine Organic's IPO will see sale of up to 76,64,994 equity shares<\/a> by the existing shareholders. <\/p>\n

Established in 1970, the Mumbai-based firm is a leading producer of speciality additives for foods, plastics, rubbers, paints, inks, cosmetics, coatings, textile auxiliaries, lubes and several other speciality applications. <\/p>\n

JM Financial<\/a> and Edelweiss Financial Service will manage the company's public issue. <\/p>\n

Devi Seafoods' IPO will see sale of shares by the company's promoters P Brahmanandam, P Suryavathi, P Rama Devi and N Naveena, preliminary papers filed with Sebi showed. <\/p>\n

The public offer is expected to fetch Rs 900 crore, according to merchant banking sources. <\/p>\n

Axis Capital, ICICI Securities and Kotak Mahindra Capital Company will manage the company's public issue. <\/p>\n

According to the companies, the listing of equity shares will enhance their stability as well as brand image and provide liquidity to their existing shareholders. <\/p>\n

<\/a><\/strong> <\/a><\/p>\n

Original Article<\/a><\/p>\n

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ET Markets<\/a><\/h5>\n

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