Enviro Infra Engineers, which is involved in the development of turnkey projects of sewage treatment plants and sewerage system, has filed draft papers with markets regulator Sebi to garner funds through an initial public offering (IPO).
The city-based company's proposed IPO is a combination of fresh issue of 4.42 crore equity shares and an offer for sale (OFS) component of 52.68 lakh shares by promoters, according to the draft red herring prospectus (DRHP) filed last week.
At present, promoters hold over 93 per cent stake in the company.
Proceeds from the fresh issue to the tune of Rs 181 crore will be used to meet the working capital requirements, Rs 100 crore will be used for payment of debt, Rs 30 crore will be infused into the company's subsidiary, EIEL Mathura Infra Engineers, to build 60 million litres per day Sewage Treatment Plant (STP) at Mathura in Uttar Pradesh.
Besides, a portion will be used for general corporate purposes.
Enviro Infra Engineers is engaged in designi
Prime Minister Narendra Modi is expected to address the National Democratic Alliance's (NDA) parliamentary party meeting on Tuesday, in what will be his first speech to the MPs of the ruling bloc during the first session of Parliament since he assumed office for a third term. Though Modi in the past has addressed the NDA MPs on a few occasions, especially when he was elected as their leader ahead of all his three terms, he generally speaks at the meetings of Bharatiya Janata Party (BJP) MPs during sessions.
With retail investors continuing to be on a buying spree using the mutual fund route, the trend of stake sale by promoters in NSE500 companies looks on track to cross the Rs 1 lakh crore mark.