Udayshivakumar Infra gets Sebi's nod to float IPO
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Udayshivakumar Infra has received the Securities and Exchange Board of India’s (SEBI's) approval to float an initial public offering (IPO). IPO consists of fresh issue of equity shares aggregating to Rs 60 crore. The equity shares are proposed to be listed on BSE and NSE.
The company, which filed the draft red herring prospectus with the SEBI in September 2022, got the regulator’s approval on January 16, 2023. Proceeds of the issue will be used to fund incremental working capital requirements and general corporate purposes.
Udayshivakumar Infra is in the business of construction of roads. It bids for roads, bridges, canals, and industrial area construction projects in Karnataka, including government departments.
