New Delhi, Nov 25 (PTI) Real estate firm Kalpataru Ltd and Unimech Aerospace and Manufacturing Ltd have received Sebi's go-ahead to raise funds through initial public offerings (IPOs), an update with the markets regulator showed on Monday.

Kalpataru and Unimech Aerospace are aiming to raise Rs 1,590 crore and Rs 500 crore, respectively, through their initial share sale offers.

Also Read | Constitution Day 2024: Read Full Text of Preamble to Constitution of India on Samvidhan Divas.

The two companies, which filed their preliminary papers with the markets regulator in August, obtained observations during November 21-22, the update showed.

In Sebi's parlance, obtaining the observations means its go-ahead to launch the public issues.

Also Read | Shillong Teer Results Today, November 25 2024: Winning Numbers, Result Chart for Shillong Morning Teer, Shillong Night Teer, Khanapara Teer, Juwai Teer and Jowai Ladrymbai.

According to the draft papers, Mumbai-based Kalpataru's IPO comprises a fresh issue of shares aggregating up to Rs 1,590 crore.

It would use Rs 1,192.5 crore for payment of debt.

Kalpataru Ltd is part of the Kalpataru group. Other companies in the group are Kalpataru Projects International Ltd, Property Solutions (India) and Shree Shubham Logistics Ltd.

Bengaluru-based Unimech Aerospace's proposed IPO is a combination of a fresh issue of equity shares worth Rs 250 crore and an offer of sale (OFS) of up to Rs 250 crore by promoter and the promoter group, as per the draft red herring prospectus (DRHP).

The offer also includes a reservation for a subscription by eligible employees.

Funds raised from the fresh issue will be used for expansion through the purchase of machinery and equipment, funding working capital requirements, investment in its material subsidiary, payment of debt and general corporate purposes.

Unimech Aerospace is a high-precision engineering solutions company specialising in complex manufacturing solutions for the aerospace, defence, energy and semiconductor industries.

Shares of the two companies will be listed on the BSE and NSE.

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)