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Feb 16, 2018 03:23 PM IST | Source:

HG Infra Engineering IPO to open on February 26, aims to raise Rs 462 cr

HG Infra aims to raise Rs 462 crore through the issue at a price of Rs 270 per share.

Infrastructure construction and management company HG Infra Engineering will open its initial public offering for subscription on February 26, with a price band of Rs 263-270 per share.

The anchor portion will open a day before the issue opens for subscription.

The IPO, which will close on February 28, consists of a fresh issue of up to Rs 300 crore and an offer for sale of up to 60 lakh equity shares.

The offer for sale comprises selling of up to 10 lakh shares each by Harendra Singh, Vijendra Singh and Girish Pal Singh; and up to 30 lakh shares by Hodal Singh, the promoter group selling shareholder.

HG Infra aims to raise Rs 462 crore through the issue at a price of Rs 270 per share.

The net proceeds of fresh issue would be utilised for purchasing capital equipment; repayment of debt and general corporate purposes.

HG Infra Engineering's main business operations include providing engineering, procurement and construction (EPC) services on a fixed-sum turnkey basis; and undertaking civil construction and related infrastructure projects on item rate and lump sum basis, primarily in the roads and highway sector.

The company also forayed into executing water pipeline projects and is currently undertaking two water supply projects in Rajasthan on turnkey basis which includes the designing, construction, operation and maintenance of the project.

SBI Capital Markets and HDFC Bank are the book running lead managers to the offer. Equity shares are proposed to be listed on BSE and NSE.
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