Sandhar Technologies has received Sebi’s approval, to float an initial public offer (IPO).

The company, last year had filed the draft papers with Sebi in December and has obtained observations from Sebi on March 1. The observations from Sebi are necessary for any company to launch public issues like IPO and rights issue.

As per the draft papers, Sandhar Technologies IPO consists of a fresh issue of equity shares worth Rs.300 crore and an offer for sale of 80 lakh scrips by GTI Capital Beta Pvt Ltd. Furthermore, the company proposes to use a certain portion of the proceeds for repayment of certain loan and for other general corporate purposes.

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