Garuda Construction and Engineering re-files DRHP for IPO

28 May 2024 CW Team

Garuda Construction and Engineering plans to issue shares with a face value of Rs 5, comprising a fresh issue of up to 18.30 million equity shares and an offer for sale of up to 9.50 million equity shares by promoter PKH Ventures. The proceeds from the fresh issue, amounting to Rs 1 billion, will be utilised for funding working capital requirements, general corporate purposes, and potential inorganic acquisitions.

Established in 2010, Garuda Construction and Engineering ventured into the hospitality sector with the completion of the Golden Chariot Vasai Hotel & Spa in 2014. The company offers comprehensive civil construction services for residential, commercial, infrastructure, and industrial projects, along with additional services for infrastructure and hospitality ventures. Its capabilities include constructing concrete and composite steel structures, as well as providing O&M and MEP services and finishing works.

The company currently has an order book comprising 12 on-going projects, including residential, commercial, industrial, and infrastructure developments, with a total contract value of Rs 14.08 billion. Financially, Garuda Construction and Engineering witnessed a significant growth in revenue from operations, increasing by 108.63% in fiscal 2022?23 compared to the previous fiscal year, along with a corresponding rise in profit after tax (PAT).

The IPO is being managed by Corpwis Advisors Pvt Ltd. as the sole book-running lead manager, with Link Intime India Private Limited serving as the registrar. The equity shares are proposed to be listed on both the BSE and NSE stock exchanges. (Source: ET)

Mumbai-based Garuda Construction and Engineering Limited has resubmitted the Draft Red Herring Prospectus (DRHP) for its upcoming initial public offering (IPO). The company had initially filed its draft papers in February. The IPO will follow the book-building process, with up to 50% of the offer available for allocation to qualified institutional buyers (QIBs), at least 15% to non-institutional investors (NIIs), and 35% to retail individual bidders. Garuda Construction and Engineering plans to issue shares with a face value of Rs 5, comprising a fresh issue of up to 18.30 million equity shares and an offer for sale of up to 9.50 million equity shares by promoter PKH Ventures. The proceeds from the fresh issue, amounting to Rs 1 billion, will be utilised for funding working capital requirements, general corporate purposes, and potential inorganic acquisitions. Established in 2010, Garuda Construction and Engineering ventured into the hospitality sector with the completion of the Golden Chariot Vasai Hotel & Spa in 2014. The company offers comprehensive civil construction services for residential, commercial, infrastructure, and industrial projects, along with additional services for infrastructure and hospitality ventures. Its capabilities include constructing concrete and composite steel structures, as well as providing O&M and MEP services and finishing works. The company currently has an order book comprising 12 on-going projects, including residential, commercial, industrial, and infrastructure developments, with a total contract value of Rs 14.08 billion. Financially, Garuda Construction and Engineering witnessed a significant growth in revenue from operations, increasing by 108.63% in fiscal 2022?23 compared to the previous fiscal year, along with a corresponding rise in profit after tax (PAT). The IPO is being managed by Corpwis Advisors Pvt Ltd. as the sole book-running lead manager, with Link Intime India Private Limited serving as the registrar. The equity shares are proposed to be listed on both the BSE and NSE stock exchanges. (Source: ET)

Infrastructure Transport

13 Oct 2025

Tata, Airbus to Build India’s First Private Helicopter Line

In a landmark development for India’s aerospace sector, Tata Advanced Systems Limited (TASL) and Airbus will establish the country’s first private-sector helicopter assembly line in Vemagal, Karnataka. The facility will manufacture the Airbus H125 and H125M, marking a significant milestone in India’s push for self-reliance in aviation and defence manufacturing. The new Final Assembly Line (FAL) will produce the H125, the world’s best-selling single-engine helicopter, known for its versatility and performance in extreme environments. The first ‘Made in India’ H125 is expected to ro..

Infrastructure Urban

13 Oct 2025

NeGD to Support Bharat Taxi in Building Cooperative Ride Platform

In a significant move for India’s digital and mobility transformation, the National e-Governance Division (NeGD) of the Digital India Corporation, under the Ministry of Electronics and Information Technology (MeitY), has entered into an advisory partnership with Sahakar Taxi Cooperative Limited, the company behind Bharat Taxi — a first-of-its-kind, cooperative-led national ride-hailing platform. A Memorandum of Understanding (MoU) has been signed between NeGD and Sahakar Taxi to provide strategic advisory and technical support covering key areas such as platform integration, cybersecurity..

Technology

13 Oct 2025

MeitY Hosts Pre-Summit for India–AI Impact Summit 2026

The Ministry of Electronics and Information Technology (MeitY), Government of India, hosted a series of Pre-Summit events for the upcoming India–AI Impact Summit 2026 at the India Mobile Congress (IMC) 2025 in New Delhi. These sessions mark a key milestone ahead of the main summit, scheduled for 19–20 February 2026 at Bharat Mandapam, New Delhi. Delivering the inaugural address, S. Krishnan, Secretary, MeitY, highlighted India’s innovative and frugal approach to AI development. “We have adopted innovative means by learning from others’ experiences to build projects and products that..