SEBI Grants Approval to Aastha Spintex Ltd. for IPO Launch
In a significant development, Aastha Spintex Ltd. has received the go-ahead from the the Securities and Exchange Board of India (SEBI) to mobilize funds through its Initial Public Offer (IPO).
Obtaining SEBI’s observation letter officially signals the green light to proceed with the public issue. According to the Draft Red Herring Prospectus (DRHP).Breakdown of the Proposed IPO:
This IPO consists solely of fresh issue of 1.25 crore equity shares worth ₹170.00 crores.
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Part Payment of the purchase consideration for the acquisition of Falcon Yarns Private Limited | 111.51 |
| 2 | Inter-Corporate deposits for funding working capital requirement of Falcon Yarns Private Limited | 10.00 |
| 3 | General Corporate Purpose | |
| Total | 121.51 |
