Infrastructure firm Dilip Buildcon has gotten endorsement of the Securities and Exchange Board of India (Sebi) to raise funding through a first sale of stock (IPO). The company plans to use the money to facilitate their expansion plans and procure construction equipments.
The organization had recorded its draft red herring plan (DRHP) with capital market regulator SEBI on March 30th this year.
SEBI has issued its last perceptions on the draft offer reports, which is important for organizations to dispatch any open offer, as indicated by sources.
The returns from the issue will be used towards the buy of building hardware, prepayment or planned reimbursement of a bit of term credits benefited by the organization, to meet working capital prerequisites and general corporate purposes.
According to the draft papers recorded with SEBI, the IPO would contain issue of value shares worth up to Rs 6,500 million (Rs 650 crore) and offer for sale of up to 1.49 crore equity shares by the current shareholders.
Axis Capital, Deutsche Equities India and PNB Investment Services are the firms maintaining the IPO for Dilip Buildcon.
The organization has officially received basic level endorsement from the BSE and the NSE for the listing of value shares.
The organization had finished the development of 47 road related projects in Madhya Pradesh, Gujarat, Himachal Pradesh and Maharashtra. Also, the firm had extended their vicinity to six more states including Tamil Nadu, Telangana, Andhra Pradesh, Karnataka, Uttar Pradesh and Rajasthan.