GVR Infra Projects gets Sebi clearance for IPO

NEW DELHI: Construction company GVR Infra Projects has obtained clearance from capital markets regulator Sebi to raise at least Rs 400 crore through an initial share sale programme.

The firm, which had filed its draft red herring prospectus (DRHP) with Sebi on September 30, received clearance from the regulator on January 15, as per the latest update.

GVR Infra initial public offering ( IPO) comprises fresh issue of equity shares worth Rs 400 crore and an offer for sale, whereby IDFC Private Equity Fund would offload 43.22 lakh scrips, as per the draft papers.

The proceeds of the fresh issue would be utilised towards working capital requirements, reduction of outstanding amount under short-term borrowings and for general corporate purposes.

The shares of the company are proposed to be listed on both NSE and BSE.

Edelweiss Financial Services, Ambit Corporate Finance, SBI Capital Markets and IDFC Securities are the bankers to the issue.

Chennai-based GVR Infra Projects was originally incorporated as GVR Construction in 2001.