Garuda Construction and Engineering files draft papers to raise funds via IPO

Feb 7 (PTI)
Construction and
Engineering Ltd has filed
preliminary papers with
capital markets regulator
Sebi to raise funds through
an initial public offering.
With this, the total number
of draft offer documents
filed by the companies has reached 10 in this year so far.
The proposed IPO is a combination of a fresh issue of 1.83 crore equity
shares and an Offer For Sale of 95 lakh equity shares by promoter PKH
Ventures Ltd, according to the Draft Red Herring Prospectus (DRHP) uploaded on Sebi's website on Wednesday.
Proceeds from the fresh issue will be used to support the working capital
requirement of the Mumbai-based company and for general corporate
purposes, including unidentified inorganic acquisition.