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BSCPL Infrastructure files DRHP with SEBI to raise Rs 650 crore via IPO

08 Mar 2013 Evaluate

The Hyderabad-based BSCPL Infrastructure (formerly known as B Seenaiah & Company Projects) has filed draft red herring prospectus (DRHP) with the SEBI to raise Rs 650 crore through the public issue. The company will use the proceeds for investment in subsidiary, BSCPL Aurang for part funding of the construction and development of BOT Project under development, through wholly owned subsidiary, BIPL; and repayment, in full or part, of the ICICI Facility for a sanctioned amount of Rs 150 crore.

JM Financial Institutional Securities Private and Axis Capital are the book running lead managers to the issue. The issue comprises fresh issue of Rs 350 crore by the company and an offer for sale of Rs 300 crore by New Vernon Private Equity, Tattersalls, Tiger Veda Bharat, LB India Holdings Mauritius II, and L&T Infrastructure Finance Company.

Promoters hold 65.15 percent stake in the company while New Vernon Private Equity holds 11.41 percent stake, Tattersalls 1.91 percent, Tiger Veda Bharat 3.8 percent, LB India Holdings Mauritius II 2.95 percent and L&T Infrastructure Finance Company 4.22 percent, as per data provided in DRHP.

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