Afcons Infra to launch Rs 54.30 billion IPO on October 25

22 Oct 2024 CW Team

Afcons Infrastructure Ltd (AIL), the infrastructure engineering and construction arm of the Shapoorji Pallonji Group, is set to launch its Rs 54.30 billion initial public offering (IPO) on October 25. The IPO will remain open until October 29, with bidding for anchor investors starting on October 24, as outlined in the company’s red herring prospectus (RHP).

The IPO will consist of a fresh share issue worth Rs 12.5 billion, along with an offer for sale (OFS) of up to Rs 41.8 billion by the promoter entity, Goswami Infratech Private Limited. Afcons plans to reveal the IPO's price band next week.

The offer size has been revised from the initial target of Rs 70 billion mentioned in the March draft prospectus, following a successful pre-IPO fundraising round.

Currently, Afcons Infrastructure, based in Maharashtra, is predominantly owned by its promoters, who hold a 99% stake. Proceeds from the fresh issue will be allocated as follows: Rs 800 million for purchasing construction equipment, Rs 3.2 billion for long-term working capital needs, Rs 6 billion for debt repayment, and the remainder for general corporate purposes.

(ET)

Infrastructure Energy

19 Sep 2025

J&K CM Rules Out Power Privatisation, Focuses on Sector Reform

Jammu and Kashmir Chief Minister Omar Abdullah has dismissed speculation regarding privatisation of electricity in the Union Territory, emphasising that his priority is to strengthen and reform the power sector.“We are not discussing privatisation. By reducing losses, improving billing efficiency, and enhancing revenue, there will be no need for it. My vision is to strengthen and reform the power sector in J&K,” Abdullah stated.He addressed the gathering at the 58th Engineers’ Day at SKICC on Monday evening, an event honouring Bharat Ratna Sir M Visvesvaraya for his pioneering contri..

Mumbai’s Sassoon Dock to Get Tech-Driven Modernisation with Finland

The Maharashtra government, in collaboration with Finland, will modernise Mumbai’s historic Sassoon Dock using advanced technology, state minister Nitesh Rane announced on Wednesday.Rane met a delegation of Finnish officials and representatives of Finnish companies at the dock to discuss strategic plans for upgrading the facility in south Mumbai, according to an official statement.Built in the 19th century, Sassoon Dock is one of Mumbai’s oldest and busiest fishing harbours. Operations currently exceed its original capacity, raising concerns over hygiene, odour, fish handling standards, an..

Agarwal Industrial Wins Rs 3.3 Billion IOCL Bitumen Tender

Agarwal Industrial Corporation rose 3.84 per cent to Rs 945.65 after announcing it had secured a prestigious tender from Indian Oil Corporation (IOCL) worth Rs 3.3 billion.In a regulatory filing during market hours, the company confirmed it had won the tender to supply Bulk Bitumen (VG-30 and VG-40 grades) to IOCL’s Kakinada locations.The firm quantity under the award totals around 60,500 tonnes across 11 parcels, while the optional quantity is approximately 33,000 tonnes across six parcels. This brings the total awarded quantity to roughly 93,500 tonnes. At current market prices, the firm o..