GR Infraprojects files papers with Sebi for Rs 1,800-cr IPO 03/05/2018

GR Infraprojects files papers with Sebi for Rs 1,800-cr IPO
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GR Infraprojects has filed draft papers with capital markets regulator Sebi to raise an estimated Rs 1,800 crore through an initial public offering, reported PTI. The IPO comprises fresh issue of shares worth up to 500 crore besides an offer for sale of up to 11,225,343 equity shares by the existing shareholders, including promoters, according to the draft papers filed with the Securities and Exchange Board of India (Sebi). Among the selling shareholders are India Business Excellence Fund, an associate of Motilal Oswal Investment Advisors Ltd, Vinod Kumar Agarwal and Lokesh Builders. According to merchant banking sources, the IPO is expected to fetch Rs 1,800 crore. Proceeds of the public issue will be utilised for investment in the company's certain subsidiaries; repayment of loans; purchase of capital equipment for EPC business and for other general corporate purposes. HDFC Bank, IDFC Bank, Motilal Oswal Company Limited Investment Advisor and Yes Securities (India) Ltd will mange the company's initial share-sale offer. GR Infraprojects is one of the leading integrated road EPC companies with experience in design and construction of various road and highway projects across 14 states in the country. It has experience in constructing state and national highways, bridges, culverts, flyovers, airport runways and rail over-bridges. Earlier, in September 2016 as well, the company had filed IPO papers with Sebi and received the regulator's go-ahead to launch the public issue. It however did not go in for the IPO then.

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