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KNR Constructions plans IPO

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Mumbai, Feb 24 (UNI) Hyderabad-based construction major, KNR Constructions is contemplating an IPO to raise funds to equip itself to bid for large infrastructure projects in the BOT mode.

The company will also raise capital from financial institutions to the tune of Rs 160 crore.

A press release issued here said State Bank of Patiala has agreed to take 50 per cent of this exposure while the rest would be sourced from the State Bank of Maharashtra and State Bank of Hyderabad equally.

Of the Rs 160 crore, Rs 140 crore would be in the form of non-fund based limits and Rs 20-crore would be fund-based.

The company, which specialises in construction of roads, bridges and irrigation projects, has already tied-up for Rs 80 crore with State Bank of Patiala, of which Rs 70 crore would be the non-fund based limit and the rest, fund-based limit, the release said.

The company is presently working on the modalities for an IPO, the release added.

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