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 received bids of 1,84,66,165 shares against the offered 78,98,594 equity shares, as per the 5:00 pm data available on the bourses.
The portion reserved for retail investors was subscribed 3.25 times. While the Qualified Institutional Buyer category was subscribed 0.49 times and the Non-Institutional Investor category was subscribed 2.68 times.
The Offer will be a complete offer for sale of up to 1,15,08,704 Equity Shares (“Offer for Sale”) at the upper price band of Rs. 837 per share.
The Company raised 283.33 crores through the Anchor Book and saw a good demand across 8 FPIs and 14 Domestic Institutions namely such as Small Cap World Fund, ADIA, Blackrock, Fidelity, Allianz Global, Public Sector Pension Investment Board – IIFL AMC, 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.
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 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.