GR Infraprojects has filed preliminary papers with capital markets regulator Sebi to raise Rs 800-1,000 crore through an initial share sale, merchant banking sources said on Tuesday. The issue will be a complete Offer for Sale (OFS) of 1,15,08,704 equity shares by promoter and investor selling shareholders, according to the draft red herring prospectus.

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The offer includes an employee reservation portion as well. Those offering shares in the OFSincludeLokesh Builders, Jasamrit Premises, Jasamrit Fashions, Jasamrit Creations, Jasamrit Construction and India Business Excellence Fund.

This is the third time when the company approached Sebi for launching an initial public offering (IPO). Earlier in May 2018, GR Infraprojects had filed draft papers with the markets regulator to raise an estimated Rs 1,800 crore through an IPO.

Prior to that, in September 2016 as well, the company had filed IPO papers with Sebi and received the regulator’s go-ahead to launch the public issue. It, however, did not go in for the public issue then. Udaipur-based GR Infraprojects is a leading integrated road engineering, procurement and construction (EPC) company with experience in the design and construction of various road and highway projects across 15 states in India. It has recently diversified into projects in the railway sector.

In the last three fiscal years, the company’s revenue from operations increased from Rs 3,295 crore in the financial year 2018 to Rs 6,373 crore in the financial year 2020 at a compound annual growth rate (CAGR) of 39 percent, while the profit surged from Rs 413 crore in fiscal 2018 to Rs 799 crore in fiscal 2020. HDFC Bank, ICICI Securities, Kotak Mahindra Capital Company, Motilal Oswal Investment Advisors, SBI Capital Markets, Equirus Capital have been appointed as the book running lead managers to the issue.

The equity shares offered are proposed to be listed on the BSE and NSE.

First Published:Apr 14, 2021 9:54 AM IST