Rolex Rings has received SEBI’s nod for IPO. SEBI’s conclusion is mandatory for conducting an IPO, a follow-up public issue (FPO) or a rights issue.
New Delhi. auto parts company rolex rings initial public offering (IPO) has been approved by the Securities and Exchange Board of India (SEBI). According to the documents submitted by the company to the regulator, the IPO will involve issue of fresh shares worth Rs 70 crore and also Rivendal PELLC will make an offer for sale of 65 lakh equity shares.
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Rivendell currently holds a 45.51 percent stake in Rolex Rings. The auto parts company had submitted the initial documents for the IPO in March. The company has received SEBI’s conclusion on this on May 28. The conclusion of SEBI is mandatory for bringing about an IPO, a subsequent public issue (FPO) or a rights issue.
Disclaimer:Prabhasakshi has not edited this news. This news has been published from PTI-language feed.