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Time of India
9 hours ago
- Business
- Time of India
Sebi clears IPOs of Sunshine Pictures, M&B Engineering, and Lumino Industries
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Capital markets regulator Sebi has given the green light to three companies -- Vipul Shah-backed Sunshine Pictures , Gujarat-based M&B Engineering, and power infrastructure firm Lumino Industries -- to raise funds via initial public offerings (IPOs).Sunshine Pictures, co-founded by filmmaker Vipul Amrutlal Shah, has received approval to raise funds through an IPO comprising 83.75 lakh equity issue includes a fresh issue of 50 lakh shares and an offer-for-sale (OFS) of 33.75 lakh shares by promoters. Shah will offload 23.69 lakh shares while Shefali Vipul Shah will sell 10.05 lakh company plans to deploy up to Rs 94 crore from the fresh issue to meet long-term working capital needs and for general corporate Gujarat-based M&B Engineering, a leading manufacturer of Pre-Engineered Buildings (PEB) and Self-Supported Roofing systems, will raise Rs 653 crore through its offer comprises a fresh issue of Rs 325 crore and an OFS of Rs 328 crore by promoters. With one of the highest installed capacities in its segment—103,800 MTPA for PEB and 1.8 million sq. metres for Self-Supported Roofing—the company will allocate Rs 63.9 crore for machinery purchases, Rs 60 crore for debt repayment, and Rs 110 crore towards working capital parallel, Kolkata-based Lumino Industries, a fast-growing player in conductors, power cables, and EPC services, will tap the markets with a Rs 1,000 crore includes a fresh issue worth Rs 600 crore and an OFS of Rs 400 crore by promoters Devendra Goel and Jay Goel. The proceeds will be used for debt reduction (Rs 420 crore), capital expenditure (Rs 15.08 crore), and general corporate purposes.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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Business Standard
11 hours ago
- Business
- Business Standard
Sunshine Pictures, Lumino, M&B Engineering secure Sebi nod for IPOs
Film and television producer-director Vipul Shah-backed Sunshine Pictures, Lumino Industries and M&B Engineering have received Sebi's go-ahead to raise funds through initial public offerings (IPOs), an update with the markets regulator showed on Tuesday. 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.
