Garuda Construction and Engineering files draft papers to raise funds via IPO

Garuda Construction and Engineering Ltd has submitted initial documents to the capital markets regulator Sebi, aiming to gather funds through an initial public offering.

This filing marks the tenth draft offer document filed by companies thus far this year.

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As outlined in the Draft Red Herring Prospectus (DRHP) uploaded on Sebi's website on Wednesday, the proposed IPO consists of a fresh issue of 1.83 crore equity shares and an Offer For Sale of 95 lakh equity shares by promoter PKH Ventures Ltd.

The proceeds from the fresh issue are intended to bolster the Mumbai-based company's working capital requirements and for general corporate purposes, including potential unidentified inorganic acquisitions.

PKH Ventures Ltd currently holds a 77.07 per cent stake in Garuda Construction and Engineering.

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Garuda Construction and Engineering is actively engaged in various projects encompassing residential, commercial, residential-cum-commercial, hospitality, infrastructure, and industrial sectors.

According to the CareEdge Research Report, the construction sector ranks as the country's second-largest economic segment after agriculture. Corpwis Advisors Private Limited has been appointed as the sole book-running lead manager for this inaugural public issue.