Gujarat Polysol Chemicals receives Sebi approval for ₹414 Cr IPO

Chemical manufacturer, Gujarat Polysol Chemicals has received market regulator Sebi's approval for an initial public offering (l PO). The company plans to raise <414 crore from the public issue. It will offer equity shares having a face value of {10 each. However, it is yet to announce details on the price band, total equity shares for the offer, and the timeline of the issue. The company filed its draft prospectus for IPO in March.Sebi has given its observation letter to Gujarat Polysol Chemicals on July 18. Sebi's observation indicates its approval for launching an IPO.From the total of {414 crore, the company will have a fresh issue of equity shares worth crore, and the remaining {327 crore is the offer for sale (OFS). Under the OFS, promoters like Shaileshkumar Balvantrai Desai will sell shares worth {183 crore, while Umang Shailesh Desai to offload shares worth {38 crore, Polysol Financial Services LLP to divest {102 crore shares, and Apurva International to sell crore shares.