🚀 IPO GMP on 30 March 2024: All You Need to Know! 📈
The Shapoorji Pallonji Group’s infrastructure company, EFKON Infra, is all set to launch its IPO! According to sources, the IPO could be worth around ₹7,000 crore. The group has filed the Draft Red Herring Prospectus (DRHP) for the IPO, which includes plans to issue new shares as well as offer some shares for sale (OFS) window.
Reports suggest that the IPO could be launched at a price range of ₹19,000 crore to ₹20,000 crore. Under the IPO, EFKON Infra could issue ₹7,000 crore worth of shares, with the company releasing 1,200 crore new equity shares. Additionally, Shapoorji Pallonji Group could reduce its capital by selling shares worth ₹5,750 crore through the OFS window.
As per current figures, Shapoorji Pallonji Group holds a 99.48% stake in EFKON Infra. The group is currently focused on reducing its debt burden and recently sold its stake in the Gopalpur Port for over ₹3,000 crore, aiming to lower its share capital. This move follows the group’s earlier sale of its stake in the Dhamra Port JSW Infrastructure for ₹710 crore.
After selling its stake in the Gopalpur Port, Shapoorji Pallonji stated that this strategic move is crucial in reducing the group’s debt and will create opportunities for further growth. The group believes that this will help them leverage global demand trends in their main business both domestically and internationally.
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