SEBI returns draft papers of BVG India, Fincare Small FB

MUMBAI: Markets regulator SEBI has returned the preliminary IPO papers of two companies - BVG India and Fincare Small Finance Bank India.

Integrated services company BVG India Ltd had filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) in September 2021 to raise funds through an initial public offering (IPO).

The firm’s proposed IPO comprises fresh issue of equity shares worth up to 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, the markets watchdog has returned the draft papers of Fincare Small Finance Bank.

Last year in August, the company had refiled its preliminary papers with the markets regulator to raise funds through IPO as Sebi’s one-year approval given to the lender to launch the issue expired in July.

Under the rules, a firm gets one year to hit the primary market after receiving an approval from SEBI. In case a firm fails to launch IPO during this period, it has to refile the prospectus with SEBI to seek fresh clearance.

The IPO of the lender comprises fresh issue of equity shares worth up to Rs 625 crore and an OFS aggregating up to 1.7 crore equity shares by a promoter and investors selling shareholders.

In May 2021, the lender had filed draft papers with markets watchdog to raise Rs 1,330 crore through IPO, thereafter, it received SEBI's green signal to float the issue in July, but didn’t launch it The market regulator has returned the draft papers of BVG India and Fincare Small Finance Bank India on March 2 and March 3, respectively, a Sebi’s update showed on Monday.

According to a separate update, infrastructure company R&B Infra Project has received SEBI's approval for the proposed initial public offer.

The regulator has given a final observation letter for the same on March 3.

In SEBI's parlance a final observation letter implies a go-ahead for the public issue.