BackGR Infraprojects IPO gets Sebi nod
Shankara Building Products IPO too has received Sebi's approval to raise funds through a share sale
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Mumbai: GR Infraprojects and Shankara Building Products Ltd have received capital markets regulator Sebi’s approval to raise funds through initial public offerings (IPO).
The two companies had filed IPO papers with Sebi on 29 September.
The Securities and Exchange Board of India (Sebi) issued its final ‘observations’ on 22 December on the draft offer documents, which is necessary for any company to launch a public offer.
Mint on 30 September reported that GR Infraprojects was planning to raise about Rs400 crore through an IPO to fund its growth and provide an exit route to some investors.
Shankara Building Materials seeks to raise Rs350 crore through a public offer to allow investor Fairwinds PE a partial exit, Mint reported on 29 August.
GR Infraprojects’ IPO includes a fresh issue of equity shares worth Rs240 crore and an offer for sale of up to 5,413,540 shares by existing shareholders.
The issue is being managed by ICICI Securities Ltd, Motilal Oswal, HDFC Securities Ltd, IDFC Securities and SBI Capital Markets.
Proceeds of the IPO would be utilized towards purchase of equipments for its engineering, procurement and construction (EPC) business, to retire debt and other general corporate purposes.
Bengaluru-based retailer Shankara’s public offer comprises fresh issuance of shares worth Rs500 crore and offer for sale of 6,618,366 equity scrips by the existing shareholders. The funds raised through the issue will used for repayment of loans and other general corporate purposes. IDFC Bank Ltd, Equirus Capital Pvt. Ltd and HDFC Bank Ltd are managing the share sale.
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