Gujarat-based highway developer Sadbhav Infrastructure Project’s public offer will open on August 31. The issue will close on September 2. Sadbhav Infra is an arm of Sadbhav Engineering, a listed company. The offer consists of a fresh issue of equity worth ₹425 crore and an offer-for-sale valued at about ₹67 crore.
The price band is fixed at ₹100-103 an equity share of face value of ₹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, ₹264.8 crore will be used for repayment of loans.
The book running lead managers to the issue are Kotak Mahindra Capital, Inga Capital, Edelweiss Financial Services, ICICI Securities and Macquarie Capital Securities (India).