&w=3840&q=100)
Sunshine Pictures, Lumino, M&B Engineering secure Sebi nod for IPOs
The three firms, which filed their preliminary IPO papers with Sebi during January-February, obtained their observations between June 9 and June 13.
In Sebi's parlance, obtaining observations means its go-ahead to float the public issue.
As for the Sunshine Pictures issue, its IPO comprises a total offer size of 8.3 million equity shares, including a fresh issue of 50 lakh shares and an Offer-for-Sale (OFS) of 3.3 million shares by promoters, according to the draft red herring prospectus (DRHP).
Promoter Vipul Amrutlal Shah is proposing to sell 2.3 million shares, while Shefali Vipul Shah plans to offload 1 million shares.
The company plans to utilise the proceeds from the fresh issue to meet its long-term working capital requirements, allocating up to Rs 94 crore to support future growth and operations, along with other general corporate purposes.
Lumino Industries, an EPC company specialising in conductors, power cables, and power EPC projects, is looking to mobilise Rs 1,000 crore through its maiden public issue. The IPO comprises a mix of a fresh issue of shares worth Rs 600 crore and an OFS of Rs 400 crore by promoters.
The Kolkata-based company will use Rs 420 crore proceeds from the fresh issue to reduce borrowing, and Rs 15 crore will go for capex, while the rest will be used for general corporate purposes.
M&B Engineering, provider of Pre-Engineered Buildings (PEB) and Self-Supported Roofing, plans to raise Rs 653 crore through its initial share sale.
The Gujarat-based company's proposed IPO is a combination of a fresh issue of equity shares valued at Rs 325 crore and an OFS of Rs 328 crore by promoters, the draft papers showed.
Proceeds from the fresh issue to the extent of Rs 63.9 crore will be used for purchasing equipment and machinery for the company's manufacturing facilities, Rs 60 crore for payment of debt, Rs 110 crore to meet the company's working capital requirements and the remaining funds will be allocated towards general corporate purposes.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India Today
27 minutes ago
- India Today
Slamming 50% Trump tariffs, farmer leader Chaduni urges ban on US firms in India
Haryana farmer leader Gurnam Singh Chaduni has called for a complete ban on American companies operating in India after US President Donald Trump announced steep tariffs on Indian week, Trump signed an Executive Order imposing an additional 25% duty on Indian imports — on top of an earlier 25% hike — citing India's continued purchase of Russian oil. The combined 50% tariff will take effect from August to the move, Bharatiya Kisan Union (Chaduni) chief Gurnam Singh Chaduni said India must "hit back in a similar manner" by targeting US companies. "The US has imposed heavy tariffs on India and India must hit back in a similar way and ban American companies operating on Indian soil," Chaduni told India Today farmer leader argued that many American businesses in India, especially large fast-food and retail chains, earn substantial profits and repatriate them to the US."Why are we allowing this when the US is imposing tariffs on us? We must give a similar reply and ban all these companies," he said. "You travel on highways and one can spot the big food giants of the US spreading their business all over. This must stop," Chaduni farmer leader, who played a prominent role in the 2022 anti-farm laws protests, said the government must take a firm stand to deter future trade pressure from Washington."We cannot allow anyone to dictate things to us like this. If we don't take a stand now, America will continue to do this in the future too and threaten us regularly. The US-based companies should immediately be banned and not allowed to mint money," he demand also comes against the backdrop of a long-standing flashpoint in India–US trade of the contentious issues has been the proposed entry of US companies into India's dairy and agriculture sectors — a move New Delhi has consistently resisted, citing potential threats to farmers' livelihoods and to the country's self-reliance in these key Washington escalating trade tensions through higher tariffs, Chaduni's call to ban US businesses signals growing pressure on the Indian government to respond with stronger retaliatory measures.- EndsMust Watch
India Today
27 minutes ago
- India Today
Kanpur leather industry hit by US tariff hike, Rs 2,000 crore exports stalled
Kanpur's leather industry, a major export hub, is staring at a severe crisis after the United States sharply increased import duties on Indian leather goods to 60%—double the rate imposed on China and far higher than Pakistan (19%) and Bangladesh (20%). Exporters fear the move could wipe out nearly all of Kanpur's annual Rs 2,000 crore leather exports to the SAY BUYERS BACKING OUTJafar Iqbal, a Kanpur-based exporter and factory owner, said shipments have been halted as American buyers withdraw from contracts. 'In May, when tariffs were 10%, we agreed to bear half the cost to retain orders. Now, with the new rates, neither side can afford it. Five of our containers are ready, but we don't know what to do,' he told India Today BLOW FOR THE INDUSTRYNaiyar Jamal, another exporter, said the sector was already struggling under environmental regulations such as Namami Gange before being hit by the tariff hike. Despite mounting losses, he expressed support for the government's stance against US trade TO 10 LAKH JOBS Leather trader Javed Iqbal warned the tariff hike could devastate Kanpur and neighbouring Unnao, where the industry employs nearly 10 lakh people. Lower tariffs for Pakistan, China, Vietnam, and Cambodia are expected to draw away American buyers. 'We stand with the government, even if it means bearing heavy losses in the national interest,' he HALTED DESPITE FESTIVE ORDERSPrerna Verma, a leather accessories exporter, said confusion over the new policy has brought production to a near standstill. Demand in recent years has already fallen to 60% of previous levels, forcing some units to lay off Iraqi, Chairman of the Council for Leather Exports (Central Region), said that although Christmas orders have arrived, production for the US market has been halted. He met Commerce Minister Piyush Goyal in Delhi two to three days ago, where the government discussed possible relief measures—such as interest subsidies—in the case of a 25% tariff. However, with the import duty now set at 50%, such measures are unlikely to suffice. 'Buyers and sellers can manage an extra 5–10% cost but such a steep hike is beyond anyone's capacity," he said.- EndsTune InMust Watch
Time of India
41 minutes ago
- Time of India
Vacant for 15 years, 1k affordable flats to be repaired & allotted
Gurgaon: A plan to demolish 1,088 EWS flats in Sector 47 has been shelved, paving the way for long-delayed allotments. The renovation work of these flats will be carried out by Haryana Shahari Vikas Pradhikaran (HSVP), and flats will be allotted to eligible families. Built at Rs 42 crore in 2010 under the Ashiana scheme for the poor, the flats remained unoccupied for 15 years and were never allotted due to a mix of procedural delays and disputes over beneficiary eligibility. Earlier, HSVP officials stated that identifying qualified applicants proved difficult, as many lacked complete documentation or did not meet income and residence criteria. Over the years, verification exercises stalled repeatedly, and the absence of a final allottee list left the units vacant. You Can Also Check: Gurgaon AQI | Weather in Gurgaon | Bank Holidays in Gurgaon | Public Holidays in Gurgaon | Gold Rates Today in Gurgaon | Silver Rates Today in Gurgaon Following a complaint by advocate Abhay Jain, Huda decided to renovate the units instead of tearing them down. Confirming the development, HSVP administrator Dr Chander Shekher Khare told TOI that Rs 8 crore have been sanctioned for the renovation of EWS flats. The allotment will be done once the renovation work is complete. According to HSVP officials, the original proposal was to demolish the Sector 47 flats, auction the prime land for high-end group housing, and shift EWS allottees to a five-acre multi-storey complex in Sector 9. Officials, however, justified the move by citing the high market value of the Sector 47 plot – located next to the district centre, with a metro station planned nearby, and adjacent to a large IKEA mixed-use commercial project. The then estate officer had said, "This land, about 18 to 20 acres, is very valuable. The land will be auctioned for group housing, and EWS allottees will be accommodated in the Sector 9 project." Jain's complaint, alleging that the demolition plan undermined the original purpose of the Ashiana scheme, was taken up by the Prime Minister's Office. The PMO sought responses from HSVP officials, and within weeks, the proposal to raze the flats was shelved. On Aug 5, HSVP sanctioned Rs 8.8 crore for special repairs, to be completed within 150 days. Once restored, the flats will be allotted to beneficiaries as originally intended under the scheme. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.
