GNI Infrastructure obtains SEBI approval to raise funds through IPO
GNI Infrastructure has received the Securities and Exchange Board of India’s (SEBI) approval to raise funds through initial public offering (IPO). The proposed IPO will be a combination of a fresh issue of 2.10 crore shares and an offer-for-sale (OFS) of 93.88 lakh shares by promoters and existing shareholders.
The company plans to utilise the net proceeds from the fresh issue to fund working capital requirements and for general corporate purposes. SMC Capitals and Marwadi Chandarana Intermediaries Brokers are the book-running lead managers for the issue.
GNI Infrastructure specialises in the construction, widening, upgradation, repair and maintenance of roads and highways. The company has also diversified into solid waste management through biomining projects.
