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Chennai-based GVR Infra Projects Ltd has filed draft papers for its initial public offer with SEBI. According to the draft document, the company hopes to raise Rs 400 crore through a fresh issue of equity shares.
The company provides EPC (engineering, procurement, construction) services in road, irrigation, railways, bridges and civil construction sector the development and management of roads.
In July 2011, IDFC’s private equity arm invested Rs 150 crore for 21.43 per cent stake in the company.
The public float also includes an offer for sale section, with IDFC offloading 43.22 lakh equity shares. Including this portion, the total offer size by GVR infra is between Rs 600-700 crore, according to sources.
Of the proceeds raised from the fresh issue, the company plans to use Rs 225 crore to fund working capital requirements and Rs 100 crore to pay back some short-term borrowings. The remaining has been slotted for general corporate purposes.
Edelweiss, Ambit, SBI Capital Markets and IDFC Securities are the bankers to the issue.
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