Exciting News: Senores Pharmaceuticals & Sagility India Secure SEBI Nod for Thrilling IPO Launch!
Sagility India Ltd and Senores Pharmaceuticals Ltd have received approval from the Securities and Exchange Board of India (Sebi) to proceed with their Initial Public Offerings (IPOs), as indicated in an update released on Tuesday. Sagility India, a healthcare technology services provider based in Bengaluru, is planning an IPO entirely consisting of an Offer for Sale (OFS) by its promoter, Sagility BV, amounting to 98.44 crore shares. As it is an OFS, no funds from the public issue will be directed to the company itself, with all proceeds going to the selling shareholders.
On the other hand, Senores Pharmaceuticals, specializing in specialty and complex pharmaceutical products, plans to raise Rs 500 crore through a combination of fresh stock issuance and an OFS of up to 27 lakh equity shares from promoters and other shareholders. The funds raised will be used to establish a manufacturing facility in Atlanta, cover working capital needs, support acquisitions and other strategic initiatives, and reduce debt.
The updates from Sebi come after Senores and Sagility filed their draft prospectuses in July, with Sagility aiming to raise Rs 940 crore. Meanwhile, Bombay Dyeing and Manufacturing’s rights issue document was returned by the regulator. Receiving Sebi’s observations on October 9 signals a green light for both companies to launch their public offers.
Original Story https://www.business-standard.com/markets/ipo/senores-pharmaceuticals-sagility-india-get-sebi-s-go-ahead-to-float-ipos-124101500754_1.html
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