New Delhi, Aug. 13 -- Hella Infra Market Ltd, which operates the Infra.Market building materials platform and is a promoter entity of listed Shalimar Paints Ltd, is exploring a way to take its business to the public markets without going ahead with a conventional initial public offering (IPO).

The board of Shalimar Paints has approved a preferential share swap under which shareholders of Hella Infra Market will receive shares and compulsorily convertible preference shares in the listed paints company, according to an exchange filing 12 August.

If completed, the transaction would give Hella Infra Market shareholders collectively more than 77% of Shalimar Paints, effectively making the paints company the listed vehicle for the enlarged bu...