Shankara Building Products has received capital markets regulator Sebi’s approval to raise funds through initial public offerings.
The company had filed IPO papers with Sebi on September 29. The markets regulator issued its final ‘observations’ on December 22 on the draft offer documents, which is necessary for any company to launch public offer.
Bangalore-based retailer Shankara Build Products’ IPO comprises fresh issuance of shares worth Rs 500 crore and an offer for sale of 6,618,366 equity scrips by the existing shareholders.
The funds raised through the issue will used for repayment of loans and other general corporate purposes.
IDFC Bank, Equirus Capital HDFC Bank co-manager are the merchant bankers of the issue.