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)

Your next big infra connection is waiting at RAHSTA 2025 – Asia’s Biggest Roads & Highways Expo, Jio World Convention Centre, Mumbai. Don’t miss out!

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)

Real Estate

05 Sep 2025

Vitizen Hotels Signs Deal at Manyata Tech Park

Vikram Kamats Hospitality, as part of its ongoing expansion in key metropolitan markets, announced that its material subsidiary, Vitizen Hotels, has signed a long-term lease agreement for a 45-key hotel property at Manyata Tech Park, Bengaluru.Strategically located in the city’s prominent IT hub, the property is well-positioned to serve corporate travelers, business professionals, and long-stay guests. The addition aligns with the company’s asset-light growth model, leveraging long-term leases to expand its footprint in high-demand urban markets.The hotel is expected to strengthen the comp..

Infrastructure Transport

05 Sep 2025

CONCOR Signs MoU with BPIPL to Operate Container Terminal at Bhavnagar Port

Container Corporation of India (CONCOR) has signed a Memorandum of Understanding (MoU) with Bhavnagar Port Infrastructure (BPIPL) on September 4, 2025, in New Delhi to operate and maintain the upcoming container terminal at the northside of Bhavnagar Port, Gujarat.BPIPL had earlier entered into an agreement with the Gujarat Maritime Board (GMB) in September 2024 for the port’s development. Under this arrangement, 235 hectares of land has been leased to BPIPL for 30 years, with provision for expansion by an additional 250 hectares.The new terminal is expected to significantly enhance logistic..

Infrastructure Transport

05 Sep 2025

Concord Launches India’s First Indigenous Zero-Emission Rail Propulsion

Concord Control Systems (CCSL), a leader in embedded electronics and critical rail technologies, has announced the development of India’s first fully indigenous zero-emission propulsion system, marking a significant step toward the country’s railway electrification and net-zero goals for 2030.Powered by Lithium Iron Phosphate (LFP) batteries and featuring a DC chopper-based drive, the propulsion system eliminates idling losses common in diesel engines, offering higher efficiency, lower costs, and zero emissions.What sets this innovation apart is its completely indigenous design. Except for..