People play cricket in a field as the two towers of Trump Tower Mumbai, center, stand under construction at Lodha The Park, a luxury residential project developed by Lodha Developers Ltd. (Photographer: Dhiraj Singh/Bloomberg)  

Montecarlo Files Rs 550-Crore IPO Draft Prospectus With SEBI

Construction company Montecarlo Ltd. has filed draft papers with the capital markets regulator SEBI to raise an estimated Rs 550 crore through an initial public offer.

The IPO comprises fresh issuance of shares worth Rs 450 crore besides an offer for sale of up to 30 lakh equity stocks by existing shareholder Kanubhai M Patel Trust, as per the draft papers.

According to merchant banking sources, the initial public offer is expected to fetch Rs 550 crore. Proceeds of the issue will be utilised towards investment in the company’s projects, to meet working capital requirements and for other general corporate purposes.

Edelweiss Financial Services, Axis Capital and IDFC Bank will manage the public issue. The Ahmedabad-based firm has more than two decades of execution experience having completed 67 EPC (engineering, procurement, construction) projects. As of Dec. 31, 2017, they have an order book of Rs 5,300 crore. Subsequent to December 2017, the firm has been awarded 11 new infrastructure construction and development projects.