Shapoorji Pallonji Group filed a Draft Red Herring Prospectus with the Securities Exchange Board of India for Afcons Infrastructure Ltd. initial public offer to raise money to deal with its fund crunch.
The Mumbai-based heavy infrastructure company, Afcons Infrastructure’s IPO entails up to Rs 5,750 crore offer for sales from the Shapoorji Pallonji Group’s stake, and fresh issue of Rs 1,250 crore. Hence, the total issue size stands at Rs 7,000 crore.
Afcons Infrastructure Ltd. specialises in heavy engineering and construction. The company says that it is among the top 10 companies in marine infrastructure in the world.
ICICI securities Ltd., DAM Capital Advisors Ltd., SBI Capital Market Ltd., Nuvama Wealth Management Ltd. are among the lead bankers.
The DRHP, which has details of the workings of a company, says that Shapoorji Pallonji Group’s Goswami Infratech Pvt. Ltd. will offload stakes in the company.