Afcons Infrastructure, the flagship of the Shapoorji Pallonji group, has made pre-IPO placement of shares to the tune of ₹2,967 crore and reduced the size of its IPO, which now stands at ₹5,430 crore, compared to ₹7,000 crore earlier.
While the fresh issue portion remains the same at ₹1,250 crore, the offer for sale has been lowered to ₹4,180 crore.
The pre-IPO placement has been made to investors such as Singapore’s GIC (₹756 crore), Akash Bhansali of Enam Holdings (₹400 crore), Synergy Capital (₹400 crore) and 11 others.
Last month, company officials indicated that there was significant institutional interest in the company’s shares. There could be a rise in the OFS portion, or it could be done through a pre-IPO placement.
The company will be announcing the price band for the IPO next week.