GR Infraprojects is a leading infrastructure company in the country. G R Infraprojects Ltd (GRIL) today filed an Draft Red Herring Prospectus (DRHP) with the capital markets regulator SEBI for its initial public offering (IPO). The company is looking to sell 1.15 crore equity shares of face value Rs 5 each which will be an offer for sale (OFS) by existing shareholders and will not include a fresh issue of equity shares.
Promoters of GR Infraprojects, Lokesh Builders Private Limited will be selling 11.42 lakh shares of the company through the IPO, trimming their 33% stake in the firm. From the Promoter Group, Jasamrit Premises, Jasamrit Fashions, Jasamrit Creations, and Jasamrit Construction will be selling shares worth 3.07 lakh. Moreover,India Business Excellence Fund and India Business Excellence Fund 1 will be exiting the company through the IPO, selling their entire 95.73 lakh shares. Apart from this, Pradeep Agarwal will also sell most of his 5 lakh shares in the company. The company’s IPO may have a portion reserved for the employees of the firm, who might be able to bid for the issue at a discounted price. HDFC Bank, ICICI Securities, Kotka Mahindra Capital are among the Book Running Lead Managers to the GR Infraprojects IPO. In the year 2018, the company reported a net profit of Rs 412 crore, which improved to Rs 799 crore in the year ending March 2020. GRIL was able to make a net profit of Rs 702 crore in the nine months ending December 2020.
