Infrastructure firm Dilip Buildcon Ltd has received markets regulator Securities and Exchange Board of India’s (Sebi) approval to raise at least Rs 430 crore through an initial public offering (IPO).
The company, which had filed its draft red herring prospectus with Sebi on 1 February for launching the IPO, received clearance from the regulator on 10 March, according to the latest update.
The IPO comprises fresh issue of shares aggregating up to Rs.430 crore and offer for sale of 11.36 lakh shares held by its promoters Dilip Suryavanshi and Devendra Jain, and private equity fund BanyanTree Growth Capital.
The proceeds of the issue will be used for repayment and pre-payment of certain portion of term loans to meet working capital requirements and other corporate purposes.
Dilip Buildcon is one of the leading private sector road-focused engineering, procurement and construction contractors in India.
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