Gujarat Pipavav Port plans raising Rs 500cr via IPO

Private port developer and operator Gujarat Pipavav Port Ltd (GPPL) plans to raise nearly Rs 500 crore through an initial public offer (IPO) and has filed draft papers with capital market regulator SEBI.

The company is also considering a pre-IPO placement with various investors, according to the Draft Red Herring Prospectus (DRHP) filed with the Securities and Exchange Board of India (SEBI).

GPPL General Manager(Communications) Bhuvana Ramalingam said, "we are hopeful to hit the market by the end of the current fiscal subject to regulatory approvals." According to the DRHP, Rs 300 crore of the IPO proceeds will be utilised for prepayment of loans, Rs 88.52 crore for investment in capital expenditure and Rs 31.08 crore towards investment in capital equipment among others.

Source: Maritime Gateway