Two state-run companies -Bharat Dynamics and Indian Renewable Energy Development Agency (IREDA) – have received Sebi’s go-ahead to float initial public offerings.
Bharat Dynamics and IREDA had received ‘observations’ from the Securities and Exchange Board of India (Sebi) on February 15 and February 16, respectively, as per the latest update with the markets watchdog.
The observations are very important to any company for launching public issues like initial public offer (IPO), follow-on public offer (FPO) and rights issue.
The two companies had filed draft papers with the markets regulator between January and December.
Going by the draft papers, Bharat Dynamics’ IPO will see sale of equity shares by the government and the public issue will help the company achieve the benefits of listing.
Bharat Dynamics was established in 1970 and is a manufacturer of guided missiles and allied defence equipment. Read More…