Dilip Buildcon has sought market regulator Sebi's approval to raise funds through an initial public offer (IPO) for various needs including meeting working capital requirements and purchase of engineering equipment.
The IPO would comprise fresh issue of equity shares worth "up to Rs 6,500 million" and offer for sale of up to 1.49 crore equity shares by its existing shareholders, as per the draft prospectus filed by the infrastructure company with Sebi.
The proceeds from the issue will be utilised towards the purchase of engineering equipment; prepayment or scheduled repayment of a portion of term loans availed by the company; to meet working capital requirements and general corporate purposes.
Axis Capital Ltd, Deutsche Equities India Private Ltd and PNB Investment Services Ltd are the book running lead managers to the issue. Link Intime India Private Ltd is the registrar to the issue.
The company has received an 'in-principle' approval from the BSE and the NSE for the listing of the equity shares, the draft document said.
Dilip Buildcon are one of the leading private sector road-focused EPC contractors in India.
The company had completed the construction of 47 road projects in Madhya Pradesh, Gujarat, Himachal Pradesh and Maharashtra, during the five financial year ended March 31, 2014 and the six months ended September 30, 2014.
In addition, the firm had expanded their presence to six more states including Tamil Nadu, Telangana, Andhra Pradesh, Karnataka, Uttar Pradesh and Rajasthan, with ongoing projects.
This is the tenth draft document filed with Sebi to float an IPO, since January.
Among the firms that have already filed IPO papers are Amar Ujala Publications, AGS Transact Technologies, S H Kelkar and Company, Shree Shubham Logistics, Precision Camshafts, Pennar Engineered Building Systems, SSIPL Retail and Catholic Syrian Bank.
