Proceeds from the contemporary concern to the tune of Rs 118.78 crore shall be used for buy of kit
The firm might think about elevating Rs 123.50 crore within the pre-IPO placement spherical. If such placement is accomplished, the contemporary concern measurement shall be diminished.
Infrastructure firm Ceigall India Ltd has filed preliminary papers with capital markets regulator Sebi to mobilise funds by means of an Initial Public Offering (IPO).
The Ludhiana-based firm’s IPO is a mix of a contemporary concern of Rs 617.69 crore and an Offer For Sale (OFS) of as much as 1.43 crore fairness shares by the promoters, and a person promoting shareholder, in line with the draft pink herring prospectus filed on Sunday.
Promoters and promoter group entities — Ramneek Sehgal, Ramneek Sehgal and Sons HUF, Avneet Luthra, Mohinder Pal Singh Sehgal, Parmjit Sehgal, Simran Sehgal — and particular person shareholder Kanwaldeep Singh Luthra are divesting their stakes within the proposed public concern.
The provide features a reservation for subscription by eligible workers.
The firm might think about elevating Rs 123.50 crore within the pre-IPO placement spherical. If such placement is accomplished, the contemporary concern measurement shall be diminished.
Proceeds from the contemporary concern to the tune of Rs 118.78 crore shall be used for buy of kit, and Rs 344.50 crore for cost of debt, apart from a portion shall be used for basic company functions.
Founded in 2002, Ceigall India is an infrastructure building firm with expertise in endeavor specialised structural work akin to elevated roads, flyovers, bridges, railway over bridges, tunnels, highways, expressways and runways.
As of January 2024, the corporate’s order e-book stood at Rs 9,206.42 crore, with NHAI contributing 82 per cent of the order e-book. Its clientele consists of public sector entities like Indian Railway Construction International Ltd, Military Engineer Services and Bihar State Road Development Corporation Ltd.
For fiscal 2022-23, the corporate’s income from operations surged 82 per cent to Rs 2,068.17 crore from Rs 1,133.79 crore in fiscal 2021-22 and revenue after tax grew to Rs 167.27 crore in fiscal 2023 from Rs 125.86 crore in fiscal 2022.
ICICI Securities Ltd, IIFL Securities Ltd and JM Financial Ltd are the e-book-operating lead managers for the IPO. The fairness shares are proposed to be listed on the BSE and NSE.
(This story has not been edited by News18 workers and is printed from a syndicated information company feed – PTI)
