Upcoming IPO, Jan. 30 -- Varindera Constructions and Sambhv Steel Tubes has been issued final observation by the Securities and Exchange Board of India (SEBI) to launch an initial public offering (IPO).

As per the draft documents, Varindera Constructions IPO consists of a fresh issuance of equity shares valued at Rs.900 crore along with an Offer for Sale (OFS) of shares worth Rs.300 crore by the promoters. Varinder Kumar Garg and Sushma Garg plan to sell shares valued at Rs.201 crore and Rs.99 crore, respectively, as part of the OFS. The funds generated from the fresh issue will be used to acquire equipment, to meet the company's working capital needs, to pay off debts, and for general corporate expenditures.

Varindera Constructions is ...