The initial public offer (IPO) comprises fresh issuance of shares worth Rs 98.5 crore and an offer for sale of 99,27,175 equity shares by existing shareholders, according to the draft red herring prospectus.
Tonbridge (Mauritius) Ltd, Leeds (Mauritius) Ltd, Cambridge (Mauritius) Ltd, and Guildford (Mauritius) Ltd will be offering shares through the offer for sale.
Antony Waste Handling Cell, which filed its preliminary papers for IPO in September, obtained Sebi’s observation on November 13, an update with the regulator showed on Tuesday.
Sebi’s observation is very necessary for any company to launch public issues like initial public offer, follow-on public offer and rights issue.
Antony Waste Handling Cell is a leading player in solid waste management services in the country.
Proceeds of the issue will be utilised towards reduction of aggregate outstanding borrowings of the company on a consolidated basis and general corporate purpose, among others.
Earlier, the company had withdrawn its IPO in March following tepid investor response and extremely weak markets.