Fedfina, IREDA, EPACK Durable & Suraj Estate Developers get nod from SEBI to float IPOs

Current Context: Four firms – Fedbank Financial Services (Fedfina), Indian Renewable Energy Development Agency (IREDA), EPACK Durable, and Suraj Estate Developers – have received approval from the Securities and Exchange Board of India (SEBI) to raise funds through initial public offerings (IPOs).

• Here’s a brief overview of each firm’s IPO details:
• Fedfina: The IPO consists of a fresh issue of equity shares aggregating up to Rs 750 crore and an offer for sale (OFS) of 7.03 crore equity shares by promoter Federal Bank and existing shareholder True North Fund VI LLP.
• IREDA: The IPO consists of a fresh issue of up to 40.31 crore equity shares and an OFS of up to 26.88 crore equity shares by the President of India, acting through the Ministry of New and Renewable Energy, Government of India.
• EPACK Durable: The IPO comprises a fresh issuance of equity shares worth Rs 400 crore and an OFS of 1.3 crore equity shares by promoters and promoter group members.
• Suraj Estate Developers: The IPO is entirely a fresh issue of equity shares worth up to Rs 400 crore with no OFS component. The proceeds will be used towards the payment of debt availed by the company and its subsidiaries Accord Estates and Iconic Property Developers, up to Rs 35 crore for the acquisition of land, and the remaining funds will be used for general corporate purposes.

Question:

Q.1 Which company’s IPO is entirely a fresh issue of equity shares worth up to Rs 400 crore with no OFS component?
a. IREDA
b. EPACK Durable
c. Suraj Estate Developers
d. Fedfina