The three firms, which filed their preliminary IPO papers with Sebi during January-February, obtained their observations between June 9 and June 13.
Film and television producer-director Vipul Shah-backed Sunshine Pictures, Lumino Industries and M&B Engineering have received Sebi’s go-ahead to raise funds through initial public offerings (IPOs), an update with the markets regulator showed on Tuesday.
The three firms, which filed their preliminary IPO papers with Sebi during January-February, obtained their observations between June 9 and June 13.
In Sebi’s parlance, obtaining observations means its go-ahead to float the public issue.
As for the Sunshine Pictures issue, its IPO comprises a total offer size of 83.75 lakh equity shares, including a fresh issue of 50 lakh shares and an Offer-for-Sale (OFS) of 33.75 lakh shares by promoters, according to the draft red herring prospectus (DRHP).
Promoter Vipul Amrutlal Shah is proposing to sell 23.69 lakh shares, while Shefali Vipul Shah plans to offload 10.05 lakh shares.
The company plans to utilise the proceeds from the fresh issue to meet its long-term working capital requirements, allocating up to Rs 94 crore to support future growth and operations, along with other general corporate purposes.
