Dilip Buildcon may launch IPO by July-end
Dilip Buildcon Ltd, a mid-sized construction firm is planning to launch its initial public offering (IPO) before the end of July, according to reports. Earlier the company has received market regulator Sebi's approval to raise at least Rs 430 crore through an initial public offering (IPO).
The company, which had filed its draft red herring prospectus (DRHP) with Sebi on February 1 for launching the IPO, received clearance from the regulator on March 10.
According to reports, the IPO will also include an offer for sale of 1.136 million shares held by promoters Dilip Suryavanshi and Devendra Jain and private equity fund BanyanTree Growth Capital. BanyanTree, which currently holds about 9.75% in Dilip Buildcon, will sell a 6% stake through the IPO, said the people cited earlier.
The proceeds of the issue will be used for repayment and pre-payment of certain portion of term loans to meet working capital requirements and other corporate purposes.
Bhopal-based Dilip Buildcon is engaged in building roads, dams, canals and residential projects.