Mumbai-based Civil Construction and Engineering firm Garuda Construction and Engineering Limited, has filed its Draft Red Herring Prospectus (DRHP) with capital market regulator Sebi to raise funds for its initial public offering (IPO).
The IPO has a face value of Rs 5 and consists of a fresh issue of up to 18.30 million equity shares and an offer for sale of up to 9.50 million equity shares by PKH Ventures (“Promoter Selling Shareholder”).
The Offer is being made through the book-building process, wherein not more than 50% of the offer shall be available for allocation on a proportionate basis to qualified institutional buyers, not less than 15% of the offer shall be available for allocation to non-institutional bidders, and not less than 35% of the offer shall be available for allocation to retail individual bidders.
The proceeds from the fresh issue, to the extent of Rs 100 crore for funding the working capital requirements; and general corporate purposes including unidentified inorganic acquisition.
Garuda Construction and Engineering provides end-to-end civil construction for residential, commercial, residential cum commercial, infrastructure, and industrial projects and additional services for infrastructure and also hospitality projects, wherein, civil construction includes the construction of residential, hospitality, industrial, infrastructural, and commercial buildings, construction of concrete building structures and composite steel structures that are required for the civil construction. It provides additional services for infrastructure and also hospitality projects.
