RPP Infra IPO to relax limit for retail investors to Rs 2 lakh

MUMBAI: RPP Infra Projects, engaged in infrastructure development, would become the first corporate that would relax the limit for retail investors in its IPO to Rs 2 lakh against Rs 1 lakh earlier as per the new norms announced by the market regulator SEBI, a company statement said here.

RPP proposes to enter the capital markets on November 18 with a public issue of 65,00,000 equity shares of Rs 10 each through a 100 per cent book building process.

The issue comprises of a fresh issue of 61,00,000 equity shares by RPP Infra Projects Ltd and an offer for sale of 4,00,000 equity shares by the promoters. The price band has been fixed at Rs 68 to Rs 75 for equity shares of Rs 10 each. The issue will open on November 18 and close on November 22.

The company intends to deploy the net proceeds of the Issue for investment in SPVs for BOT projects, investment in capital equipment, funding margin requirement for working capital and meeting general corporate expenses.