Dilip Buildcon plans to raise over Rs 430 crore through initial public offer and offer for sale, which will be primarily used to retire its debt and fund working capital requirements, reported PTI.
The issue, with a price band of Rs 214 and Rs 219 per share with a face value of Rs 10, will open on August 1 and close on August 3.
The Bhopal-based company is offering a fresh issue of 1,02,27,273 equity shares held by promoters Dilip Suryavanshi, Devendra Jain and BanyanTree Growth Capital aggregating up to Rs 430 crore.
“We will be utilising the proceeds of the issue to repay our debt which is around Rs 2,500 crore on standalone basis and also to meet our working capital requirements,” Head of Strategy and Planning Rohan Suryavanshi told reporters.
DBL, which is primarily engaged in construction of roads and highways, has an orderbook of almost 8,000 km worth over Rs 11,000 crore to be executed over the next 2.5 years.
The company has also planned for offer for sale (OFS) aggregating up to 1,02,27,273 shares valued at around Rs 224 crore. However, DBL will not receive any proceeds from OFS.
The lead managers for the issue are Axis Capital, IIFL Holdings, JM Financial Institutional Securities and PNB Investment Services.