Shivalaya Construction has secured Securities and Exchange Board of India’s (SEBI's) approval to raise funds through initial public offering (IPO). The proposed IPO is a combination of a fresh issue of shares worth Rs 450 crore and an offer-for-sale (OFS) of 2.48 crore shares by promoters.
Of the fresh issuance, funds to the tune of Rs 340 crore will be used to pay debt, and the remaining funds will be utilised for general corporate purposes. To assist the public offering, the company has roped in IIFL Capital, Axis Capital and JM Financial as lead managers.
Shivalaya Construction is an integrated infrastructure engineering, procurement and construction player with a focus on roads, highways and bridges.
