Patel Infrastructure has received markets regulator Securities and Exchange Board of India's (SEBI) approval to raise funds through an initial public offering (IPO). The company's IPO will see sale of equity shares worth Rs 400 crore.
The company, which filed the draft red herring prospectus with the SEBI in January, got the regulator's approval on March 5. The objects of the offer are to part finance the Cholopuram-Thanjavur HAM Project, purchase construction equipment, fund incremental working capital requirements and repay & prepay debt. SBI Capital Markets and IIFL Holdings are the book-running lead managers to the issue.
Patel Infrastructure operates as an engineering, procurement, and construction (EPC) player in the road sector.