Patel Engg files DRHP with SEBI

Mumbai, Mar 17 (UNI) Civil-infrastructure construction major Patel Engineering Limited has filed its draft red herring prospectus (DRHP) with SEBI for its follow-on public offer at a price to be determined through the cent per cent book-building process.

The company proposes to raise Rs 425 crore through this offer.

The issue comprises a net issue to the public of Rs 403 crore and a reservation for existing retail shareholders of the company of Rs 21.25 crore.

A company release said that not more than 50 per cent of the net issue will be allocated to qualified institutional buyers and not less than 35 per cent of the net issue will be available for allocation to retail individual bidders.

The company has appointed Enam Financial Consultants Pvt Ltd and ICICI Securities Ltd as the book-running lead managers for the follow-on public offering.

UNI JJ KU SKB1859