Sebi Returns Draft Documents for BVG India, Fincare Small Finance Bank

Sebi returns draft papers of BVG India, Fincare Small FB.

Markets watchdog Securities and Exchange Board of India (Sebi) has returned the preliminary IPO documents of two companies, BVG India and Fincare Small Finance Bank India.

Integrated services firm BVG India Ltd submitted a draft red herring prospectus (DRHP) to Sebi in September 2021 to raise funds through an initial public offering (IPO).

The company’s proposed IPO includes fresh equity capital worth Rs 200 crore and an offer for sale (OFS) of up to 71,96,214 shares by promoters and private equity investor 3i Group.

In another update on Sebi’s website, it has returned the draft document to Fincare Small Finance Bank.

In August last year, the company resubmitted its preliminary paperwork to Sebi to raise funds through the IPO, as the one-year approval Sebi gave lenders to launch the issue expired in July.

Under the rules, a company has one year to enter the primary market after obtaining Sebi’s approval.

If a company fails to launch an IPO during this period, it must resubmit its prospectus with Sebi to seek new permission.

The lender’s IPO includes a fresh issue of shares worth Rs 625 crore and offers for sale (OFS) of up to 1.7 crore shares by promoters and selling shareholders’ investors combined.

The lender had submitted draft documents to market regulators in May 2021 to raise Rs 1,330 crore in an IPO, after which it received a green signal from Sebi to issue the bond in July, but it did not launch.

A Sebi update on Monday showed that the market regulator had returned draft documents for BVG India and Fincare Small Finance Bank India on March 2 and 3, respectively.

According to another update, infrastructure firm R&B Infra Project has received Sebi’s approval for a proposed initial public offering.

The regulator issued a final observation letter in this regard on March 3. In Sebi’s words, the final observation letter signifies approval for a public issue.

Get Daily Prediction & Stocks Tips On Your Mobile