Pioneer Fil-Med, Tonbo Imaging India and Functional & Innovative Foods have secured approval from capital markets regulator Sebi for their proposed initial public offerings (IPOs), paving the way for the three companies to proceed with their public issue plans.
The draft offer documents of the three companies were received by Sebi between April and August. After reviewing the documents, the regulator gave its observations during September 21-25, an update with the markets watchdog showed on Monday.
The regulator’s observations are a key regulatory step that enables companies to proceed with their IPOs, subject to applicable laws and other requirements.
Railway components maker Pioneer Fil-Med’s proposed Rs 500 crore IPO comprises a fresh issue of equity shares worth Rs 250 crore and an Offer for Sale (OFS) of shares worth Rs 250 crore, according to its draft papers.
The OFS will comprise stake sales by promoter Pioneer Facor IT Infradevelopers and promoter group entity Aztech …
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