G R Infraprojects Limited ("GRIL" or "Company"), an integrated road engineering, procurement and construction ("EPC") company with experience in design and construction of various road/highway projects, has raised Rs. 283.3 crore from 22 anchor investors. The company informed the bourses that it has allocated 33.85 Lakh shares at Rs. 837 per share on Tuesday, July 06, 2021 to anchor investors.
8 Foreign Portfolio Investors who participated in the anchor were Small Cap World Fund, ADIA, Blackrock, Fidelity, Allianz Global and Public Sector Pension Investment Board - IIFL AMC. These investors were allocated 14,02,840 equity shares for approximately Rs 117.41 crores.
14 domestic investors who participated in the anchor were ICICI Prudential Asset Management, Nippon MF, SBI MF, HDFC MF, Aditya Birla Sunlife MF, UTI MF, Axis MF, Franklin Templeton MF, Kotak MF, DSP MF, Sundaram MF, Invesco MF, Motilal Oswal MF and HDFC Life Insurance (including 13 mutual funds and 1 Life Insurance company) were allocated a total of 19,82,270 shares for approximately Rs. 165.91 crores.
The Company's principal business of civil construction comprises EPC and BOT projects in the road sector. The Company has, since 2006, executed over 100 road construction projects. As per the red herring prospectus of the Company dated June 26, 2021 (the "RHP"), out of its BOT projects, it has one operational road project which has been constructed and developed on a BOT (annuity) basis and 14 road projects which have been awarded to the company under the HAM, out of which five projects are currently operational, four projects are under construction and construction is yet to commence on five of these projects. The Company also has experience in constructing state and national highways, bridges, culverts, flyovers, airport runways, tunnels and rail over-bridges and has recently diversified into projects in the railway sector.
HDFC Bank Limited, ICICI Securities Limited, Kotak Mahindra Capital Company Limited, Motilal Oswal Investment Advisors Limited, SBI Capital Markets Limited, Equirus Capital Private Limited are the BRLMs to the Offer.
The Offer will be a complete offer for sale of up to 1,15,08,704 Equity Shares ("Offer for Sale"). The Offer includes an employee reservation portion as well.
The Offer for Sale comprises of up to 11,42,400 Equity Shares by Lokesh Builders Private Limited, up to 127,000 Equity Shares by Jasamrit Premises Private Limited, up to 80,000 Equity Shares by Jasamrit Fashions Private Limited, up to 56,000 Equity Shares by Jasamrit Creations Private Limited, up to 44,000 Equity Shares by Jasamrit Construction Private Limited, up to 64,14,029 Equity Shares by India Business Excellence Fund 1 and up to 31,59,149 Equity Shares by India Business Excellence Fund, and up to 486,126 Equity Shares by Pradeep Kumar Agarwal.
The Offer being only an Offer for Sale, Company will not receive any proceeds from the Offer.
The Offer is being made in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended, read with Regulation 31 of the SEBI ICDR Regulations. The Offer is being made in accordance with Regulation 6(1) of the SEBI ICDR Regulations, through the Book Building Process wherein not more than 50% of the Net Offer shall be available for allocation to Qualified Institutional Buyers, not less than 15% of the Net Offer shall be available for allocation to Non-Institutional Bidders and not less than 35% of the Net Offer shall be available for allocation to Retail Individual Bidders.