The OFS includes Omega TC Holdings Pte. Ltd, Tata Capital Financial Services Ltd, Mahogany Singapore Company Pte. Ltd, TVS Motor Company Ltd, Kotak Special Situations Fund, Andrew Jones, Ramalingam Shankar, Ethirajan Balaji, Dinesh Narayan, and Sargunaraj Ravichandran.
The company, which submitted fresh preliminary IPO documents in April, received its observation letter on July 18, according to an update with the Securities and Exchange Board of India (Sebi) on Tuesday.
In Sebi’s terms, observations signify the approval to launch the public issue.
According to the draft papers, the proceeds from the fresh issue will be used to pay off the company and its subsidiaries’ debt, TVS LI UK and TVS SCS Singapore, as well as for general corporate purposes.
TVS Supply Chain Solutions (TVS SCS), an integrated supply chain solutions provider, operates in over 25 countries.
TVS SCS is promoted by the former TVS Group and is now part of the TVS Mobility Group, which has four business verticals: supply chain solutions, manufacturing, auto dealership, and aftermarket sales and service. JM Financial, Axis Capital, J P Morgan India, BNP Paribas, Edelweiss Financial Services, and Equirus Capital are the book-running lead managers to the IPO.
In addition, the capital markets regulator has given its approval to Pyramid Technoplast to raise funds through an initial share-sale. The company submitted draft IPO papers in March.