FedBank Financial Services, Apac Durable and Suraj Estate Developers have received approval from capital markets regulator Securities and Exchange Board of India to launch their public issues.

FedBank Financial Services, Apac Durable and Suraj Estate Developers have received approval from capital markets regulator SEBI to launch their public issues. Issuance of an observation letter by the regulator on the draft papers will allow the company to have an IPO within the next year from the date of the letter. According to the draft paper, the IPO involves issuance of fresh shares worth Rs 750 crore by the company and an offer for sale (OFS) of 7.03 crore equity shares by selling shareholders. FedBank, which caters to MSMEs and emerging self-employed individuals, will utilize the net fresh issue proceeds to enhance its Tier-I capital base to meet future capital requirements arising from growth of business and assets. Will do. The design proposals include a fresh issue of shares worth Rs 400 crore and an OFS of 1.3 crore shares by promoters and investors. The Mumbai-based real estate developer will use the issue proceeds to repay debt amount of Rs 285 crore, and spend Rs 35 crore to acquire land or land development rights. The remaining funds will be used for general corporate purposes. ​