The Hindu Business Line
Annai Infra files for public issue
Engineering, procurement and construction (EPC) company Annai Infra Developers has filed draft papers with market regulator SEBI for its initial public offering.
The Tamil Nadu-based company’s IPO comprises an issue of up to one crore equity shares of face value ₹10 each at a price band to be decided later, according to the Draft Red Herring Prospectus (DRHP).
According to market sources, the IPO size could be of the order of ₹200-225 crore.
The company may consider issuing up to 16 lakh equity shares on private placement basis for cash, at its discretion, for a price to be decided later, prior to the filing of the Red Herring Prospectus with the Registrar of Companies, Coimbatore, it added.
The IPO proceeds will be utilised to finance the purchase of plant and equipment, funding the working capital requirement and general corporate purposes.