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Erode (Tamil Nadu)-based Annai Infra Developers which executes water management and irrigation EPC projects, has received approval from SEBI for an IPO. The total size of the IPO is expected to be in the range of ₹200-250 crore. The IPO will be an offer-for-sale by Subramaniam Ashok Kumar and Duraisamy Kalaiselvi who are the promoters of the company. The company plans to use the money raised through the IPO for financing the purchase of plant and equipment and working capital requirements, among others. The regulator issued its final observations on the IPO proposal on July 12, according to the SEBI website.
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