through an initial stake sale of shares. The firm intends to use the proceeds to pare debt and for its general capital expenditure needs, amongst others.
The initial public offering (IPO) would be through an issuance of fresh shares of Rs 1,250 crore and an offer for sale (OFS) of up to Rs 5,750 crore by Goswami Infratech, an SP Group firm, according to the draft red herring prospectus (DRHP) filed with Sebi.
Ahead of the IPO, the firm intends to raise about Rs 250 crore through a preferential issue or other methods. If such a placement is completed, the size of the fresh issue will be reduced to such extent, it added.
Ropeway revolution Srinagar to Leh all-weather connectivity! Zojila Tunnel Project surpasses 50 per cent completion – Here’s when it is expected to finish BrandWagon explainer: What is a walled garden? Great Nicobar Trans-shipment Port: Government finalises DPR and approvals for Rs 41,000-crore project, construction to begin soon
Also Read
SP Group in talks to raise Rs 20,000 crore
As per the DRHP, Goswami Infratech holds a 72.35% in Afcons Infrastructure, Shapoorji Pallonji and Company holds a 16.64% stake, Floreat Investments holds 8.12%, Hermes Commerce 1.19% and Renaissance Commerce a 1.18% stake.
In June 2023, sources had told FE that Afcons Infrastructure was looking to raise funds through an IPO, which would be used to reduce debt and expansion plans.
As per the DRHP, the company intends to use Rs 500 crore to repay certain debt, Rs 350 crore to fund long-term working capital requirements and Rs 150 crore for capital expenditure. As of December 2023, its outstanding borrowings stood at Rs 2,887.59 crore.
ICICI Securities, DAM Capital Advisors, Nomura, Jefferies India, Nuvama Wealth Management and SBI Capital are the lead managers for the issue.
SP Group is the single largest stakeholder in Tata Sons, the investment-holding arm of all Tata Group companies, and is controlled by billionaire Shapoor Mistry.
Mumbai-based Afcons Infrastructure is a closely-held company, with presence in road construction, general civil engineering works, offshore oil and gas, among others. The firm also owns land parcels, including in Karnataka, through its arms.
On Tuesday, SP Group entered into a deal to sell its 56% stake in Orissa’s Gopalpur Port (GPL) to Adani Ports and Special Economic Zone, marking its second port divestment in the last few months. It had earlier divested Dharamtar Port, which the group had acquired in 2015, to JSW Infrastructure for an enterprise value of Rs 710 crore.
Also Read
Matrix Gas & Renewables raises Rs 350 cr in pre-IPO round
In the pipeline
IPO funds to pare debt, meet capex needs
IPO to be through fresh issuance of shares of `1,250 cr and OFS up to `5,750 cr by Goswami Infratech
Afcons aims to raise about `250 cr ahead of IPO
Related Posts
By admin • January 13, 2025 • By Ajit Mishra
Markets remained volatile for yet another week but managed to end in the green. The beginning was downbeat, tracking feeble global cues but the situation improved in the following sessions with stability in the world indices. However, pressure in the IT majors combined with the prevailing underperformance of the banking pack continues to weigh on the sentiment. Eventually, both the benchmark indices, Nifty and Sensex, settled with modest gains to close at 19,751.05 and 66,282.74 levels. Meanwhile, buoyancy in select key sectors like auto, FMCG, energy and realty kept the traders occupied. Besides, the positive tone on broader indices further eased the pressure.
Also Read
HDFC stock gains on the back of Q2 results; Should you buy, sell the stock?
Apart from earnings, global cues would continue to play a critical role in setting the direction of our markets. Among the key indices, the US benchmark,…
By admin • January 2, 2025 • Promoters of Cipla are looking to offload 2.53% stake worth Rs 2,637 crore in the company through a block deal in one or more tranches. The promoters — Shirin Hamied, Samina Hamied, Rumana Hamied and Okasa Pharma — would be offloading about 20.45 million shares, according to the term sheet reviewed by FE.
Shares are being offered at a price range of Rs 1,289.50-1,357.35, a discount of 0-5% compared with the closing share price of Rs 1,357.35 on the NSE on Tuesday. Kotak Securities is the sole bookrunner for the deal, which is expected to happen on Wednesday.
Also Read
Cipla jumps 6% on 79% net profit growth and strong margin guidance: Here’s what brokerages advise
At present, these promoters hold a total of 4.26% in the company with Shirin Hamied holding 0.79%, while that of Samina Hamied is at 2.22%. Rumana Hamied holds 1.23% stake and that by Okasa Pharma, a promoter group company, is 0.02%. The promoter group holds a 33.47% stake i…
By admin • December 27, 2024 • As foreign institutional investors (FIIs) continue their selling spree in India and look towards China on the back of its attractive valuation proposition, Swarup Mohanty, vice chairman and CEO, Mirae Asset Investment Managers (India), told Vivek Kumar M that the trend could reverse once there is certainty about policy continuity in post elections. So far since April, FIIs have net sold nearly Rs 37,400 crore worth of shares in India. Mohanty also said that the ongoing volatility due to the general elections should be seen as an opportunity given India’s structural growth prospects. Excerpts:
What are the reasons behind the aggressive selling by FIIs this month? What could be the key catalyst for FIIs to return to India in the near-to-medium term?
The ongoing sell-off from FIIs is largely due to the elections and low China valuations. And to be fair, they have made money. Anybody who leaves making money is always good for the markets. But t…
By admin • December 27, 2024 • The NBFC Jana Small Finance Bank is all set to open its subscription for retail investors on February 07Come from Sports betting site VPbet. The issue will close on February 09 and raise Rs 570 crores in total. The price band for the issue has been set at Rs 393 – 414 per equity share.
It is a combination of fresh issues worth Rs 462 crore and an offer for sale of Rs 108 crore. The minimum lot size for retail investors is 36 shares or Rs 14,904. While the lot size for NIIs is different from that of retail investors.
The shares of the company will be listed both on the NSE and BSE. The bank raised Rs 166.95 crore from the anchor investors on February 06.
Market rally leads to higher regulatory fees for stock exchanges P&G Health posts June quarter profit at Rs 16.78 crore, revenue drops by 5.7% YoY; final dividend announced IPOs head for an august …
By admin • December 26, 2024 • If you’re a serious Stranger Things fan as well as a serious Monopoly fan, you might want to hold off a bit longer before diving into the new themed edition of the classic board game, because it spoils some pretty major plot points from Stranger Things Season 4. Series creators Matt and Ross Duffer are not happy about it, according to The Hollywood Reporter.
While the Duffer Brothers are reportedly quite involved with marketing efforts for their massively successful Netflix series, the show is too big at this point for them to see everything, and the game seems to have slipped by, causing the brothers to have a “total meltdown” according to sources.
The toy and board game industries move at a different pace from the film and television industries and has been a source of spoilers more than once in recent years, frustrating creators and fans alike. As THR notes, Jon Favreau fiercely protected Grogu, also known as Baby Yoda or The Child, from spoilers, causing the associat…
By admin • December 26, 2024 • Ted Lasso fans love the show for its relentless optimism, but we have some bad news: Ted Lasso Season 3 might be its final season, writer and actor Brett Goldstein said in an interview with the Sunday Times.
“We are writing it like that,” Goldstein, who writes for the show in addition to playing Roy Kent on it, told the Sunday Times. “It was planned as three.” Variety notes that Jason Sudeikis told Entertainment Weekly the same thing almost exactly a year ago, so Goldstein isn’t revealing anything that hasn’t already been said.
“The story that I know is the one that I wanted to tell, and so that’s the one we’re telling with the help of numerous people in front of and behind the camera, so it’s by no means me typing every keystroke and saying every word,” Goldstein said. “It’s nowhere near like that. But the story that’s being told–that three-season arc–is one that I see, know, and understoodCome from