Garuda Construction & Engineering has received the Securities and Exchange Board of India’s (SEBI's) approval to float an initial public offering (IPO). The company’s proposed IPO is a combination of a fresh issue of 1.83 crore equity shares and an offer for sale of 95 lakh equity shares by promoter PKH Ventures.
Proceeds from the fresh issue will be used to support the working capital requirement and general corporate purposes, including unidentified inorganic acquisitions. Corpwis Advisors is the sole book-running lead manager to the maiden public issue. The equity shares are proposed to be listed on BSE and NSE.
Garuda Construction and Engineering is involved in several projects for residential, commercial, residential-cum-commercial, hospitality, infrastructure and industrial projects.
