GR Infraprojects, the road engineering, procurement and construction (EPC) company, has decided to open its initial public offering of 1,15,08,704 equity shares for subscription on July 7.
The company in consultation with merchant bankers has fixed a price band of Rs 828-837 per equity share, which is 165.60-167.40 times the face value (Rs 5) of the equity shares.
It is a complete offer for sale by promoter and promoter group, and investors.
Promoters, Lokesh Builders will sell 11,42,400 equity shares through an offer for sale, Jasamrit Premises 1.27 lakh equity shares, Jasamrit Fashions 80,000 equity shares, Jasamrit Creations 56,000 equity shares, and Jasamrit Construction 44,000 equity shares.
Among others, India Business Excellence Fund I will offload 64,14,029 equity shares and India Business Excellence Fund 31,59,149 equity shares, which are investors in the company. Other selling shareholder Pradeep Kumar Agarwal will also sell 4,86,126 equity shares through offer for sale.
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The offer includes a reservation of up to 2,25,000 equity shares for the company's employees, who will get shares at a discount of Rs 42 per share to the final price.
GR Infraprojects (GRIL) has reserved up to 50 percent of the total offer for qualified institutional buyers, up to 35 percent for retail investors, and the rest 15 percent for non-institutional buyers.
The public issue will close on July 9. Investors can apply for a minimum of 17 equity shares and in multiples of 17 shares thereafter.
Incorporated in 1995, GR Infraprojects' operations are broadly divided into three categories - civil construction activities; development of roads, highways on a build operate transfer (BOT) basis, and manufacturing activities.
Under the manufacturing activities segment, the company processes bitumen, manufactures thermoplastic road-marking paint, electric poles and road signage and fabricate and galvanize metal crash barriers.
HDFC Bank, ICICI Securities, Kotak Mahindra Capital Company, Motilal Oswal Investment Advisors, SBI Capital Markets, and Equirus Capital are the book running lead managers to the issue.
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