Gujarat Pipavav Port plans to raise Rs 500cr via IPO

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SME Times News Bureau | 04 Jan, 2010
Private port developer and operator Gujarat Pipavav Port Ltd (GPPL) filed draft papers with the capital market regulator Securities and Exchange Board of India (SEBI) with its plan to raise nearly Rs 500 crore through an initial public offer (IPO).

GPPL, as per the Draft Red Herring Prospectus (DRHP) filed with the SEBI, is also considering a pre-IPO placement with various investors.

"We are hopeful to hit the market by the end of the current fiscal subject to regulatory approvals," said GPPL General Manager(Communications) Bhuvana Ramalingam as reported by a news agency in New Delhi on Monday.

According to the company, 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.