Construction company RPP Infra Projects Ltd said it received an approval from the Securities and Exchange Board of India (SEBI) for its proposed initial public offering (IPO).
The company proposes to deploy the net proceeds of the issue for investment in special purpose vehicles (SPVs) for build, operate and transfer (BOT) projects, meeting capital expenditure requirement, funding margin requirement for working capital and meeting general corporate expenses.
The company proposes to enter the capital markets with a public issue of 65 lakh shares of Rs10 each through a book building process. The issue comprises a fresh issue of 61 lakh shares by RPP Infra Projects and an offer for sale of 4 lakh equity shares by the promoters. The issue will constitute 28.8% of the post issue paid-up capital of the company and the net issue will constitute 27% of the post issue paid-up capital of the company. VC Corporate Advisors Pvt Ltd, Kolkata, is the book running lead manager to the issue.
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