Dilip Buildcon refiles DRHP with Sebi to raise Rs 430 cr
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04 Feb 2016
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Dilip Buildcon has once again approached market regulator Sebi to raise funds through an initial public offer (IPO), said the media reports. The IPO comprises a 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, according to its draft red herring prospectus (DRHP). In March last year, the company had filed draft papers with the regulator in order to raise Rs 650 crore through an IPO, reported PTI. It had received approval from Sebi in June 2015, but the company decided to withdraw the DRHP last month and file fresh papers. It, however, didn't disclose the reasons for the withdrawal. ... The company recorded a resolution at the board meeting held on January 23, 2016, and has decided to file a fresh DRHP with Sebi in order to raise funds through IPO by fresh issue of shares amounting to Rs 4,300 million (Rs 430 crore, the company said. The funds from the IPO, Dilip Buildcon said, will be used for repayment and pre-payment of certain portion of term loans to meet working capital requirements and other corporate purposes. Axis Capital Ltd, IIFL Holdings, JM Financial Institutional Securities and PNB Investment Services are the book running lead managers to the issue. Link Intime India Private Ltd is the registrar to the issue. The company has received 'in-principle' approval from BSE and NSE for the listing of the shares, the draft document said. |
| Source: Dion Global Type: IPO Related |
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