Tamil Nadu - based Annai Infra Developers Ltd. gets SEBI approval to float IPO

Tamil Nadu - based Annai Infra Developers Limited, a major player in Water Management and Irrigation EPC - Engineering, Procurement and Construction segment, has received approval from the Securities and Exchange Board of India (SEBI) to float an initial public offering.

The capital markets regulator issued its final observations on Annai Infra Developers Ltd's IPO proposal on July 12, 2019, according to information on the SEBI website.

Annai Infra Developers Ltd had filed its draft red herring prospectus for the IPO with SEBI on March 30, 2019 this year.

The total IPO size is about Rs 200-250 crore. The IPO will be an offer for sale by Mr. Subramaniam Ashok Kumar and Mrs. Duraisamy Kalaiselvi who are the promoters of the Company.

Pantomath Capital Advisors (P) Ltd are the book running lead managers and LINK Intime are the registrar to the issue to the issue.

The shares of Annai Infra Developers Ltd. are proposed to be listed on BSE Limited and National Stock Exchange Limited.

Source : Equity Bulls

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