Montecarlo has received markets regulator Securities and Exchange Board of India’s (SEBI) approval to raise funds through an initial public offering (IPO). The IPO comprises fresh issuance of shares worth Rs 450 crore besides an offer for sale of up to 30 lakh equity stocks by existing shareholder Kanubhai M Patel Trust.
The company, which filed the draft red herring prospectus with the SEBI in May, got the regulator’s approval on July 31. The funds will be utilized towards investment in the company's projects, to meet working capital requirements and for other general corporate purposes. Edelweiss Financial Services, Axis Capital and IDFC Bank are book running lead managers to the issue.
Montecarlo operates as an infrastructure construction and development company in India.
