Kolkata based Shyam Metalics and Energy Ltd (SMEL) on Monday received approval of capital markets regulator Securities and Exchange Board of India(Sebi) for its initial public offering.
The public offer comprises of a fresh issue of ₹657 crore and an offer for sale of ₹450 crore by selling shareholder Subham Capital, Subham Buildwell, Kalpataru Housefin & Trading, Dorite Tracon, Narantak Dealcomm and Toplight Mercantiles also a reservation of up to 3 lakh equity shares for eligible employees.
In February, the company had filed its Draft Red Herring Prospectus (DRHP) with the markets regulator for an IPO.
The company intends to utilize the net proceeds from the fresh issue for repayment or prepayment of ₹470 crs of its debt and that of its subsidiary,
