Kolkata-based Rahee Infratech Eyes IPO

1 Oct 2024 , 02:55 PM

Rahee Infratech Limited, a Kolkata-based integrated railway civil engineering, manufacturing, and construction company in India, has filed a draft red herring prospectus (DRHP) with SEBI in order to seek funds through an initial public offering.

The offer for sale includes the sale of equity shares by Pradeep Khaitan up to 1,059,843, Pawan Khaitan up to 519,400, Ravi Khaitan up to 834,257 million, Nandini Khaitan up to 52,500, and Shashi Khaitan up to 314,857.

The business, in collaboration with the book-running lead managers, may contemplate issuing additional equity shares through a private placement, preferential offer, or any other way totalling up to Rs 84 crores, since the pre-IPO placement cannot exceed 20% of the amount of the new issue. If such a placement is accomplished, the new issue size will be lowered.

The IPO, with a face value of Rs 2 per equity share, is a combination of fresh issues of up to Rs 420 crore and an offer for sale of up to 2.7 million equity shares.

The proceeds from the fresh offer, totalling Rs 50 crore, would be utilised to cover the company’s capital expenditure requirements for the purchase of machinery, equipment, and vehicles. Approximately Rs 280 crore will be used to pay the company’s working capital requirements, with the remainder going towards general corporate purposes.

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