FUND RAISER

Vinod Kumar Agarwal, Managing Director, GR Infraprojects, is all smiles as the company receives SEBI´s approval to raise funds through an IPO. The company filed IPO papers with SEBI on September 29, 2016, following which, the capital markets regulator issued its final observations on the draft offer documents on December 22. The issue will be managed by ICICI Securities, Motilal Oswal, HDFC Securities, IDFC Securities and SBI Capital Markets. As reported, proceeds of the IPO would be utilised towards purchase of equipment for the company´s EPC business, to retire debt and other general corporate purposes. As was reported in September 2016, the company was planning to raise about Rs 400 crore through an IPO to fund its growth and provide an exit route to some investors. The Narendra Modi Government coming into power has worked wonders for the 50-year-old Udaipur-based company. As Agarwal had shared with CW in mid-2016, the company´s order book in 2015 in EPC increased by Rs 5,000 crore; its construction turnover for 2015-16 was at around Rs 1,900 crore, and 25 per cent growth is the target for 2016-17.