G R Infraprojects Ltd (GRIL) today filed a Draft Red Herring Prospectus (DRHP) with the capital markets regulator SEBI for its initial public providing (IPO). The infrastructure enterprise is seeking to sell 1.15 crore equity shares of face worth Rs 5 every which will be an offer you for sale (OFS) by current shareholders and will not include things like a fresh concern of equity shares. Prior to the IPO, the promoter and promoter group collectively personal an 88.04% stake in the enterprise although the rest is owned by other investors. This is not the initial time GRIL has knocked on SEBI’s door for an IPO. Earlier in 2018, the enterprise had filed paper for an IPO worth Rs 1,800 crore.
Promoters of GR Infraprojects, Lokesh Builders Private Limited will be promoting 11.42 lakh shares of the enterprise by way of the IPO, trimming their 33% stake in the firm. From the Promoter Group, Jasamrit Premises, Jasamrit Fashions, Jasamrit Creations, and Jasamrit Construction will be promoting shares totalling 3.07 lakh. Apart from this, India Business Excellence Fund and India Business Excellence Fund 1 will be exiting the enterprise by way of the IPO, promoting their whole 95.73 lakh shares. Additionally, Pradeep Agarwal will also sell most of his 5 lakh shares in the enterprise.
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GRIL will not get any funds from the concern as only the promoting shareholders will be obtaining the funds raised by way of the IPO. The company’s IPO might have a portion reserved for the staff of the firm, who could be in a position to bid for the concern at a discounted value. HDFC Bank, ICICI SECURITIES, Kotka Mahindra Capital are amongst the Book Running Lead Managers to the GR Infraprojects IPO.
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GR Inffraprojects is a top infrastructure enterprise in the nation. In the monetary year 2018, the enterprise reported a net profit of Rs 412 crore, which enhanced to Rs 799 crore in the year ending March 2020. Additionally, GRIL was in a position to make a net profit of Rs 702 crore in the nine months ending December 2020. The enterprise could join peers such as KNR Constructions, PNC Infratech, Dilip Buildcon, HG Infra Engineering, amongst other folks on the stock exchanges.