LCC Projects Files IPO Draft Papers with Sebi

New Delhi, Feb 23 (PTI) EPC company LCC Projects has filed preliminary papers with capital markets regulator Sebi seeking its approval to raise funds through an initial public offering (IPO).

The proposed IPO will be a combination of fresh issuance of equity shares worth Rs 320 crore, and an offer-for-sale (OFS) of 2.29 crore shares by promoters, according to the draft red herring prospectus (DRHP).

Arjan Suja Rabari, and Laljibhai Arjanbhai Ahir are the promoters of the company.

The Gujarat-based company may consider mobilising Rs 64 crore in a pre-IPO round. If such placement is undertaken, the fresh issue size will be reduced.

As per the draft papers filed on Friday, proceeds of the fresh issue will be used for purchase of equipment, payment of debt and general corporate purposes.

LCC Projects is one of the leading multidisciplinary engineering, procurement and construction (EPC) companies in India, in the irrigation and water supply projects segment.

Over a period of two decades, the company has executed a wide range of projects such as construction of dams, barrages, weirs, hydraulic structures, canals, pipe distribution networks, lift irrigation works, water supply schemes, and other EPC projects.

Motilal Oswal Investment Advisors is appointed as the sole merchant banker for the issue.