Annai Infra Developers files document for IPO float

Till date, the company has executed projects in the states of Tamil Nadu and Kerala.

Apr 02, 2019 11:04 IST India Infoline News Service

Annai Infra Developers has filed it's Draft Red Herring Prospectus (DRHP) with the market regulator SEBI for its IPO seeking to issue up to 1cr equity shares of face value of Rs10/- each at a price band to be decided later.

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 the filing of the Red Herring Prospectus with the Registrar of Companies, Coimbatore.

The IPO proceeds will be utilized to finance the purchase of plant and equipment, funding the working capital requirement and general corporate purposes.

Pantomath Capital Advisors Private Limited will manage the Issue, Messrs Kanga and Company, Advocates and Solicitors are the Legal Advisors to the Issue, while Link Intime India Private Limited is the Registrar to the Issue.

Till date, the company has executed projects in the states of Tamil Nadu and Kerala. The company primarily executes projects planned by governmental authorities such as Chennai Corporation, Tamil Nadu Water Supply and Drainage Board (TWAD), Coimbatore City Municipal Corporation, Public Works Department (PWD), and other government organizations.

Currently, the company has been focusing on South India. The Order book of the Company consists of 19 projects, out of which 14 projects are from Tamil Nadu, 5 from Kerala.

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