Mumbai:Shapoorji Pallonji group’s infrastructure engineering and construction company, Afcons Infrastructure(AIL), has received final observation from Securities and Exchange Board of India (SEBI), to raise Rs 7,000 crore through an initial public offering. The IPO with a face value of 10 per equity share, is a mix of fresh issue of shares of Rs 1250 crore and an offer for sale of up to Rs 5750 crore by Goswami Infratech.
Proceeds from the fresh issue will be used for capital expenditure towards purchase of construction equipment, funding long term working capital requirement and payment of certain borrowings.
Afcons is a six decade old company with global operations across five major infrastructure business verticals: Marine and industrial, surface transport, urban infrastructure, hydro and underground and oil & gas involving offshore and onshore projects.
Afcons consolidated revenue during fiscal year 2023 stood at 12,637.38 crore and profit after tax at Rs 410.86 crore.
