Packaged spices company Pushp Brand (India) has received approval from Sebi to float an initial public offering (IPO), the markets regulator said on Thursday.
The IPO is an Offer for Sale of up to 74.45 lakh equity shares by existing shareholders.
The company, which filed preliminary IPO papers in June, obtained ‘final observation’ from the regulator on August 27, the update showed.
The receipt of Sebi observation is a key step in the IPO process, following which the company can proceed with further preparations for the public issue, subject to applicable regulatory requirements.
The OFS will include shares held by promoters Surendra Kumar Surana and Mahendra Kumar Surana, as well as investor shareholders A91 Emerging Fund I LLP and Sixth Sense India Opportunities III.
A91 Emerging Fund I, which invested about Rs 125 crore in the company in 2020, holds a 20.14 per cent stake and will sell only part of its holding.
Sixth Sense India Opportunities III, which invested around Rs 101
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