30 January 2025, 02:34 PM
Varindera Constructions has received the Securities and Exchange Board of India’s (SEBI's) approval to raise Rs 1,200 crore through an initial public offering (IPO). The proposed IPO is a mix of fresh issue of equity shares valued at Rs 900 crore and an Offer For Sale (OFS) of shares worth Rs 300 crore by promoters.
Proceeds from the fresh issue will be utilised for the purchase of equipment, to support the working capital requirements of the company, payment of debt and for general corporate purposes. ICICI Securities, IIFL Securities and Equirus Capital are the book-running lead managers to the issue.
Varindera Constructions is an integrated Engineering, Procurement and Construction (EPC) company with experience in the construction of building projects, including residential units, and office complexes, as well as undertaking infrastructure projects such as metro depot and aircraft hangar