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Annai Infra Developers files draft papers to float IPO

PTI     April 2, 2019

New Delhi, Apr 2 (PTI) Engineering, procurement and construction (EPC) company Annai Infra Developers has filed draft papers with markets regulator Sebi for its initial public offer (IPO). The Tamil Nadu-based company's IPO is of up to 1 crore equity shares of face value of Rs 10 each at a price band to be decided later, according to the Draft Red Herring Prospectus (DRHP). According to market sources, the IPO size is about Rs 200-225 crore. The company may consider issuing up to 16 lakh equity shares on a private placement basis for cash consideration, at its discretion, for a price to be decided at a later stage prior to filing of the Red Herring Prospectus with the Registrar of Companies, Coimbatore, it added. The IPO proceeds will be utilised to finance the purchase of plant and equipment, funding the working capital requirement and general corporate purposes. Pantomath Capital Advisors Private Ltd will manage the issue, while Link Intime India Private Ltd is the registrar. The company is mainly engaged in EPC activities of water management and irrigation projects. The equity shares of the company will be listed on the BSE and the NSE. The company's order book consists of 19 projects, out of which 14 are from Tamil Nadu and five from Kerala. PTI SUM RVK RVK

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