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Gujarat-based highway developer Sadbhav Infrastructure Project Ltd – promoted by listed company Sadbhav Engineering – will launch its public offer on August 31. The issue will close on September 2. The offer consists of fresh equity of Rs 425 crore and an offer for sale valued at about Rs 67 crore.
The price band is fixed from Rs. 100 to Rs. 103 an equity share of face value of Rs 10 each. The minimum bid lot is 145 equity shares and thereafter in multiples of 145. The offer for sale is by Xander Investment Holding XVII Ltd, which has put 32.35 lakh equity shares on the block, and another 32.35 equity shares by Norwest Venture Partners VII – A – Mauritius.
The shares are proposed to be listed on the BSE and the NSE. Not more than 10 per cent of the net issue will be available for allocation to retail individual bidders because the company reported a net loss in the last financial year.
Out of the issue proceeds, Rs 264.8 crore will be used for repayment/pre-payment of loans and Rs 82 crore will be equity investment and for advancing of sub-ordinate debt to subsidiary SUTPL (Shreenathji – Udaipur Tollway Pvt Ltd) for part financing of the project.
The book running lead managers to the issue are Kotak Mahindra Capital Company Ltd, Inga Capital Pvt Ltd, Edelweiss Financial Services Ltd, ICICI Securities Ltd and Macquarie Capital Securities (India) Pvt Ltd.
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