Gold Plus Glass Industry, Uniparts India get Sebi’s nod to float IPOs

Float glass maker Gold Plus Glass Industry and engineering solutions provider Uniparts India have received capital markets regulator Sebi’s approval to raise funds through initial public offerings (IPOs).

The two companies, which had filed preliminary IPO papers with the Securities Exchange Board of India (Sebi) in April, obtained observation letters from the regulator during September 22-23, an update with the markets watchdog showed on Monday.

In Sebi’s parlance, the regulator’s observation implies its go-ahead to launch an initial share-sale.

Going by the draft papers, Gold Plus Glass Industry’s IPO comprises a fresh issue of equity shares aggregating up to Rs 300 crore and an offer for sale (OFS) up to 1,28,26,224 equity shares by promoters and existing shareholders.

As a part of the OFS, promoters — Suresh Tyagi and Jimmy Tyagi — will offer up to 10,19,995 equity shares each and investor PI Opportunities Fund-I will sell up to 1,07,86,234 equity shares.

The company proposes to utilise net proceeds from the fresh issuance of equity shares towards funding debt, working incremental requirements and general corporate purposes.

Gold Plus Glass Industry is one of the leading float glass makers in India with a 16 per cent share of manufacturing capacity in fiscal 2021. The company’s products cater to a range of end-use industries, including automotive, construction and industrial sectors, with a variety of applications.

The initial share-sale of Uniparts India is entirely an OFS of 1,57,31,942 equity shares by promoter group entities and existing investors, according to the draft papers.

Those offering shares in the OFS are promoter group entities — The Karan Soni 2018 CG-NG Nevada Trust, The Meher Soni 2018 CG-NG Nevada Trust, Pamela Soni — and investors Ashoka Investment Holdings Ltd and Ambadevi Mauritius Holding Ltd.

Since the IPO would be entirely an OFS, the company will not receive any proceeds from the public issue.

This would be the company’s third attempt to go public. Earlier, Uniparts had filed its IPO papers with Sebi in December 2018 and in September 2014. It also obtained the regulator’s clearance to launch the IPO on two occasions but did not go ahead with the initial share sale.

Uniparts India is a global manufacturer of engineered systems and solutions. It is one of the leading suppliers of systems and components for the off-highway market in agriculture and construction, forestry and mining and aftermarket sectors on account of its presence across over 25 countries.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)