G R Infraprojects, Shankara Building get Sebi's nod for IPO

G R Infraprojects and Shankara Building Products have received capital markets regulator Sebi's approval to raise funds through initial public offerings.

The two company had filed IPO papers with Sebi on September 29. The markets regulator issued its final 'observations' on December 22 on the draft offer documents, which is necessary for any company to launch public offer.

G R Infraprojects' IPO consists fresh issue of equity shares worth Rs 240 crore and an offer for sale of up to 5,413,540 equity shares by existing shareholders.

The issue is being managed by ICICI Securities, Motilal Oswal, HDFC Securities, IDFC Securities and SBI Capital Markets.

Proceeds of the IPO would be utilised towards purchase of equipments for its engineering, procurement and construction (EPC) business, to retire debt and other general corporate purposes.

Bangalore-based retailer Shankara Build Products' IPO comprises fresh issuance of shares worth Rs 500 crore and an offer for sale of 6,618,366 equity scrips by the existing shareholders.

The funds raised through the issue will used for repayment of loans and other general corporate purposes.

IDFC Bank, Equirus Capital HDFC Bank co-manager are the merchant bankers of the issue.

So far this year, 27 firms including ICICI Prudential Life Insurance Company, L&T Technology Services, Mahanagar Gas and RBL Bank have got listed on stock exchanges.