PNN
Mumbai (Maharashtra) [India], September 29: Vishnusurya Projects and Infra Limited, one of the leading players in the fields of construction, infrastructure development, mining, and aggregates, has announced its plans to go public with an Initial Public Offering (“IPO”) opening on September 29, 2023. The Company is aiming to raise ₹ 4,998.00 Lakhs through this IPO, with the equity shares proposed to be listed on the Emerge platform of National Stock Exchange of India Limited (“NSE Emerge”). The IPO constitutes a fresh issue of 73,50,000 equity shares of face value of ₹ 10 each.
Equity Share Allocation
• Market Maker portion – 3,70,000 Equity Shares
• Retail Individual Investors (RII) – 34,90,000 Equity Shares
• Non-Institutional Investors (NII) – 34,90,000 Equity Shares
The net proceeds from the IPO will be utilised for funding the Company’s working capital requirements, repaying or prepaying outstanding borrowings, and for general corporate requirements. The Issue will close on 05th October, 2023.
The Lead Manager to the Issue is Khandwala Securities Limited. The Registrar to the Issue is Cameo Corporate Services Limited.
Sanal Kumar V, Whole Time Director & CEO of Vishnusurya Projects and Infra Limited said, " We have executed a diverse range of construction and infrastructure projects, benefiting from our over two decades of experience and the government's emphasis on infrastructure. The application of newer technologies enhances our capabilities in handling intricate infrastructure projects. Additionally, our utilization of state-of-the-art crusher plants and crusher sand plants gives us a production advantage in the Mining division.
IPO funding will provide us with necessary working capital requirements which will allow us to take up more number of projects and achieve our long-term vision of becoming a leading infra company. Additionally, the IPO will also enhance our visibility and brand."
Rinav Manseta, Associate Director of Khandwala Securities Limited said, " With the continuous emphasis of the government on infrastructure development in the country, there exists a significant opportunity for companies like Vishnusurya. Given their established track record and IPO funding, the company is clearly poised for substantial growth in the years to come. With its impressive capabilities, Vishnusurya is set to excel further in the field of infrastructure."
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