Shapoorji Pallonji group’s flagship firm, Afcons Infrastructure has received the Securities and Exchange Board of India’s (SEBI's) approval to raise Rs 7,000 crore through an initial public offering (IPO).
Proceeds from the fresh issue to the extent of Rs 150 crore will be used for capital expenditure towards the purchase of construction equipment; Rs 350 crore for funding long-term working capital requirements; Rs 500 crore for prepayment or scheduled repayment of a portion of certain outstanding borrowings and acceptances availed by the company; and general corporate purposes. ICICI Securities, DAM Capital, Nomura, Jefferies, and SBI Capital are the book-running lead managers for the issue.
Afcons Infrastructure operates across five major infrastructure business verticals marine and industrial, surface transport, urban infrastructure, hydro and underground, and oil and gas.
| Company Name | CMP |
|---|---|
| Larsen & Toubro | 4171.45 |
| Rail Vikas Nigam | 239.75 |
| NCC | 152.70 |
| KEC International | 512.80 |
| Kalpataru Projects | 1302.75 |
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