GNI Infrastructure Files Draft Papers With Sebi for IPO

New Delhi: Construction and infrastructure firm GNI Infrastructure has submitted draft papers with markets regulator Sebi seeking its approval to float an initial public offering (IPO).

The proposed IPO will be a combination of a fresh issue of 2.10 crore shares and an offer-for-sale (OFS) of 93.88 lakh shares by promoters and existing shareholders, according to the draft red herring prospectus (DRHP) filed on Tuesday.

The company plans to utilise the net proceeds from the fresh issue to fund working capital requirements and for general corporate purposes.

Incorporated in 2007, the company has over four decades of experience executing road infrastructure projects in Maharashtra. It specialises in the construction, widening, upgradation, repair and maintenance of roads and highways. The company has also diversified into solid waste management through biomining projects.

GNI Infrastructure primarily serves government bodies and public sector organisations across the infrastructure, transportation and urban development sectors.

SMC Capitals and Marwadi Chandarana Intermediaries Brokers are the book-running lead managers for the issue, while KFin Technologies serves as the registrar.

(Disclaimer: Except for the headline, this article has not been edited by HDFC Sky editorial team and is auto-generated from PTI feed.)