Dilip Buildcon raises Rs 196 cr from anchor investors

Infrastructure company Dilip Buildcon today raised over Rs 196 crore by way of issuance of shares to anchor investors ahead of its initial public offering.
The company has allotted 89,58,592 shares at Rs 219 per share aggregating Rs 196.19 crore to 10 anchor investors.
Under anchor investors (AIs) portion in the public issue of Dilip Buildcon, 89,58,592 equity shares have been subscribed by 10 AIs at Rs 219 per equity share, as per the information available with BSE.
The anchor investors include Smallcap World Fund, Abu Dhabi Investment Authority, HDFC Trustee Company, Nomura Singapore, DB International (Asia), IDFC Infrastructure Fund and East Bridge Capital Master Fund.

The company will hit the capital markets on August 1 to raise funds through IPO and has fixed a price band of Rs 214-219 per share.
The firm plans a public offer of shares aggregating up to Rs 430 crore and an offer for sale of up to 10,227,273 shares, including the anchor portion of 89,58,592 scrips.

Dilip Buildcon, which is primarily into construction of roads and highways, has an orderbook of almost 8,000 km worth of over Rs 11,000 crore to be executed over the next 2 years and a half.
Earlier, the company had proposed to raise Rs 650 crore through the IPO. However, since the issue was delayed for over a year, Dilip Buildcon reduced the issue size to Rs 430 crore.

The lead managers are Axis Capital, IIFL Holdings, JM Financial Institutional Securities and PNB Investment Services.