Dilip Buildcon to launch IPO after approval from SEBI
Dilip Buildcon, India’s one of the largest road-focused private Engineering, Procurement and Construction giants has been allowed by Securities and Exchange Board of India (SEBI) to go public and launch its IPO. This is being done in order to procure engineering equipments and gathering capital for accomplishing work requirements.
Earlier this year, Dilip Buildcon had filed its Draft Red Herring Prospectus (DRHP) with SEBI informing about the plan for launching IPO.
Just as is necessary before giving any approval for IPO, SEBI went through the draft offer documents in order to ascertain the prospects of the proposal before giving its nod to Dilip Buildcon.
According to the draft papers filed with SEBI, the initial Public Offering of Dilip Buildcon would involve fresh issue of shares amounting to Rs 6500 million and offer for sale of up to 1.49 crore equity shares by the current shareholders.
Dilip Suryavanshi of Dilip Buildcon said, “The funding gathered from this IPO would be used for procuring engineering and construction equipments, payment or part-payment of debts pending with the company, improving general corporate business and meeting working capital requirements.”
Dilip Buildcon would have the IPO managed by Axis Capital, Deutsche Equities India and PNB Investment services. The necessary in-principal approval from the Bombay Stock Exchange and National Stock Exchange has already been received by the company for listing of the equity shares.
Dilip Buildcon has executed 47 road projects in Madhya Pradesh, Gujarat, Himachal Pradesh and Maharashtra. It has also expanded to more states including Tamil Nadu, Andhra Pradesh, Karnataka, Uttar Pradesh, Rajasthan and Telangana.
About Dilip Buildcon
Dilip Buildcon Limited (DBL) is one of the leading private sector road-focused Engineering Procurement Construction(EPC) contractors in the country . DBL is also the fastest growing infrastructure development company of India with about 78.44% continuous year-on-year growth for the last four years. We are developing infrastructure across the country in many diverse areas such as roads & bridges, water sanitation & sewage, irrigation, industrial, commercial & residential buildings.