SRM Contractors has filed draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). The maiden IPO is entirely a fresh issue of 62 lakh equity shares.
Proceeds of the issue will be used to purchase machinery, support working capital requirements, invest in joint venture projects, pay debt and for general corporate purposes. Interactive Financial Services is the sole book running lead manager to the issue.
SRM Contractors is an engineering construction and development company engaged primarily in the construction of roads (including bridges), tunnels, slope stabilisation works and other miscellaneous civil construction activities in the Union Territories of Jammu & Kashmir and Ladakh.
