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RKCPL Ltd, a Haryana-based infrastructure and construction company, has filed draft papers with the capital markets regulator to raise INR 1,250 crore through an initial public offering. The IPO will include a fresh equity issue of INR 700 crore and an offer-for-sale of INR 550 crore by existing shareholders Naresh Kumar and Krishan Kumar Goyal, who plan to sell shares worth INR 275 crore each. Funds from the fresh issue are earmarked for working capital, equipment purchase, debt repayment, and investments in subsidiaries. The company is active in EPC and Hybrid Annuity Model projects across India.
RKCPL Ltd, engaged in infrastructure and civil construction, has filed its draft red herring prospectus with the markets regulator to raise INR 1,250 crore through an initial public offering. The issue is structured as a fresh equity issue of INR 700 crore and an offer-for-sale of INR 550 crore, according to the details disclosed this week. Advertisement
Under the offer-for-sale, shareholders Naresh Kumar and Krishan Kumar Goyal will each offload shares worth INR 275 crore.
The company has detailed the utilisation of proceeds from the fresh equity issue. Out of the INR 700 crore, about INR 200 crore will be directed toward meeting working capital needs, while INR 130.02 crore has been allocated for the purchase of construction equipment. In addition, INR 50 crore will go toward repaying debt obligations. A further INR 138 crore will be invested in its subsidiaries - Bathinda Ludhiana Highway Pvt Ltd, Poanta Saheb Highway Pvt Ltd, and Ambala Ring Road Highway Pvt Ltd - for the partial or complete repayment of their borrowings. The balance funds will be set aside for general corporate purposes.
RKCPL has developed a presence in civil construction across the country, with work that includes elevated roads, flyovers, bridges, road overbridges, highways, expressways, drainage systems, and canal systems. The company operates through two main verticals: EPC (Engineering, Procurement and Construction) projects and Hybrid Annuity Model projects, which have become common in infrastructure development over the last decade.
To handle the public issue, the company has appointed Equirus Capital and Anand Rathi Advisors as book-running lead managers.
Source PTI
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