Afcons Infrastructure files DRHP with SEBI

Mumbai, Jan 09 (UNI) Afcons Infrastructure Ltd, a Shapoorji Pallonji Group Company, engaged in civil engineering and construction work in India, has filed its Draft Red Herring Prospectus with the Securities and Exchange Board of India (SEBI) here with a proposal to enter the capital market with its Initial Public Offering of equity shares.

Announcing this, a company press release said it proposes to offer 16,065,000 equity shares of Rs 10 each for cash at a premium.

The Issue comprises a Net Issue of 15,743,700 equity shares to the public and a reservation of 321,300 equity shares for eligible employees.

The Issue would constitute 18.37 per cent of the post Issue paid up capital of the Company. The Net Issue constitutes 18 per cent of the post Issue paid up capital of the Company.

The Issue is being made through 100 per cent Book Building Process wherein at least 60 per cent of the Net Issue shall be allocated on a proportionate basis to QIB Bidders. Five per cent of the QIB Portion shall be available for allocation on a proportionate basis to Mutual Funds only, and the remainder of the QIB Portion shall be available for allocation on a proportionate basis to all QIB Bidders including Mutual Funds.

Further, not less than 10 per cent of the Net Issue shall be available for allocation on a proportionate basis to non-institutional Bidders and not less than 30 per cent of the Net Issue shall be available for allocation on a proportionate basis to Retail Individual Bidders. The Company has not opted for IPO grading of this Offer.

The Company intends to use the proceeds of the IPO for the purposes of purchasing capital equipment, repayment of debt; general corporate purposes and strategic initiatives. It proposes to list its equity shares on the National Stock Exchange and the Bombay Stock Exchange.

The Book Running Lead Manager to the Issue is Enam Financial Consultants, while the Co-Book Running Lead Managers are CLSA India, JM Morgan Stanley and SBI Capital Markets.

UNI