Agri-input manufacturer Nova Agritech, server maker Netweb Technologies India and sewerage solution provider EMS have received capital market regulator Sebi’s approval to raise funds through initial public offerings.
The three companies, which filed their preliminary papers with Sebi between March and April 2023, obtained the regulator’s observations during June 26-30, an update with the markets watchdog showed on Tuesday.
In Sebi’s parlance, obtaining observation means its go-ahead to float the initial share sale.
As per the draft papers, Nova Agritech’s initial share sale comprises a fresh issue of equity shares worth up to Rs 140 crore and an offer-for-sale (OFS) component of up to 77,58,620 equity shares of shareholder Nutalapati Venkatasubbarao.
The proceeds from the fresh issue worth Rs 14.20 crore will be utilised for investment in its subsidiary Nova Agri Sciences for setting up a new formulation plant, Rs 10.49 crore for funding capital expenditure by Nova Agritech and towards the expansion of its existing formulation plant.
