Twitter
Advertisement

Dilip Buildcon to tap primary markets to raise Rs 654 crore

The proceeds would be utilised for prepayment or scheduled repayment of a portion of term loans, meet working capital requirements and general corporate purposes.

Latest News
article-main
FacebookTwitterWhatsappLinkedin

Bhopal-based road developer, Dilip Buildcon plans to raise Rs 654 crore through its initial public offering (IPO) next month.

The proceeds would be utilised for prepayment or scheduled repayment of a portion of term loans, meet working capital requirements and general corporate purposes.

Of the offer, fresh issue comprises Rs 430 crore and the balance of Rs 224 is a sale of shares held by promoters Dilip Suryanvanshi-Devendra Jain and private equity fund, BanyanTree Growth Capital.

The IPO opens on August 1 and closes on August 3. The price band has been set at Rs 214-219 per share at the face value of Rs10 each. The anchor investor bid will be held on July 29, a working day prior to the issue opening date.

The book running lead managers to the issue are Axis Capital Ltd, IIFL Holdings Ltd, JM Financial Institutional Securities Ltd and PNB Investment Services Ltd.

Dilip Buildcon is the successor of Dilip Builders that was founded as a proprietorship concern in 1988-89. On April 1, 2007, the business of the proprietorship firm was taken over with all the assets and liabilities by the company.

The firm is into building bridges, dams, canals, roads, sewage plants, etc and has a workforce of over 19,476 employees using 7,345 construction equipment. Its size has increased from Rs1,192 crore in 2012 to Rs4,349 crore in 2016.

 

Find your daily dose of news & explainers in your WhatsApp. Stay updated, Stay informed-  Follow DNA on WhatsApp.
Advertisement

Live tv

Advertisement
Advertisement