Patel Engg plans $125m GDR float

To list on Luxesbourg exchange.

Civil engineering company Patel Engineering is planning to raise funds worth $125 million (approximately Rs 560 crore) through global depository receipts (GDR) issue.

It intends to list the issue on the Luxembourg Stock Exchange. It has appointed ICICI Securities as advisors for the float.

"The board has approved the plan to raise $125 million via global depository receipts. We are yet to seek permission from the regulators. We hope to get listed on the Luxembourg exchange in the next few months," said Ashwin Parmar, director, business development, Patel Engineering.

The company has lined up expansion in the area of hydro power generation. The company will bid for independent power projects based on hydro electric power in the range of 100 mw to 500 mw on built, operate and transfer basis in north and northeast.

The company also has been looking to acquiring technology-niche companies both in India and abroad.

Patel Engineering recently bagged Parbati Hydro Electric Project Stage (III) (520 mw) from the National Hydroelectric Power Corporation (NHPC).

For the Rs 439.07 crore project it has teamed up with L&T. It is currently executing hydro power projects in Teesta in Sikkim, Parbati and Sewa in Himachal Pradesh and Turial in Mizoram.