GR Infraprojects to open IPO on July 7, price band fixed at Rs 828-837

New Delhi: G R Infraprojects Limited (“GRIL” or “Company”), an integrated road engineering, procurement and construction (“EPC”) company with experience in design and construction of various road/highway projects across 15 States in India and having recently diversified into projects in the railway sector, is proposing to open its initial public offering of Equity Shares (the “Offer”) on Wednesday, July 07, 2021 and close on Friday, July 09, 2021.

The price band for the Offer has been determined at Rs. 828 – Rs. 837 per Equity Share. The Company and the Investor Selling Shareholders have, in consultation with the book running lead managers to the Offer (the “BRLMs”), considered participation by Anchor Investors, whose participation shall be one Working Day prior to the bid/offer opening Date, i.e. Tuesday, July 06, 2021.

The Offer will be a complete offer for sale of up to 1,15,08,704 Equity Shares (“Offer for Sale”). The Offer includes an employee reservation portion as well.

The Offer for Sale comprises of up to 11,42,400 Equity Shares by Lokesh Builders Private Limited, up to 127,000 Equity Shares by Jasamrit Premises Private Limited, up to 80,000 Equity Shares by Jasamrit Fashions Private Limited, up to 56,000 Equity Shares by Jasamrit Creations Private Limited, up to 44,000 Equity Shares by Jasamrit Construction Private Limited, up to 64,14,029 Equity Shares by India Business Excellence Fund 1 and up to 31,59,149 Equity Shares by India Business Excellence Fund, and up to 486,126 Equity Shares by Pradeep Kumar Agarwal.

The Offer being only an Offer for Sale, Company will not receive any proceeds from the Offer.

The Offer is being made in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended, read with Regulation 31 of the SEBI ICDR Regulations. The Offer is being made in accordance with Regulation 6(1) of the SEBI ICDR Regulations, through the Book Building Process wherein not more than 50% of the Net Offer shall be available for allocation to Qualified Institutional Buyers, not less than 15% of the Net Offer shall be available for allocation to Non-Institutional Bidders and not less than 35% of the Net Offer shall be available for allocation to Retail Individual Bidders.

The Company’s principal business of civil construction comprises EPC and BOT projects in the road sector. The Company has, since 2006, executed over 100 road construction projects. As per the red herring prospectus of the Company dated June 26, 2021 (the “RHP”), out of its BOT projects, it has one operational road project which has been constructed and developed on a BOT (annuity) basis and 14 road projects which have been awarded to the company under the HAM, out of which five projects are currently operational, four projects are under construction and construction is yet to commence on five of these projects. The Company also has experience in constructing state and national highways, bridges, culverts, flyovers, airport runways, tunnels and rail over-bridges and has recently diversified into projects in the railway sector.

HDFC Bank Limited, ICICI Securities Limited, Kotak Mahindra Capital Company Limited, Motilal Oswal Investment Advisors Limited, SBI Capital Markets Limited, Equirus Capital Private Limited are the BRLMs to the Offer.

All capitalized terms used herein and not specifically defined shall have the same meaning as ascribed to them in the RHP filed with the Registrar of Companies, Gujarat, Dadra & Nagar Haveli, at Ahmedabad (“RoC”).

Disclaimers

G R INFRAPROJECTS LIMITED is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public offering of its equity shares bearing face value of  ₹ 5 each (“Equity Shares”) and has filed the RHP with the RoC and thereafter with Securities and Exchange Board of India and the Stock Exchanges. The RHP shall be available on the website of the SEBI at www.sebi.gov.in as well as on the websites of the book running lead managers, HDFC Bank Limited, ICICI Securities Limited, Kotak Mahindra Capital Company Limited, Motilal Oswal Investment Advisors Limited, SBI Capital Markets Limited and Equirus Capital Private Limited at www.hdfcbank.com, www.icicisecurities.com, www.investmentbank.kotak.com, www.motilaloswalgroup.com, www.sbicaps.com and www.equirus.com, respectively. Investors should note that investment in equity shares involves a high degree of risk and for details relating to such risks, see “Risk Factors” on page 31 of the RHP.

[The Equity Shares have not been recommended by any U.S. federal or state securities commission or regulatory authority. Furthermore, the foregoing authorities have not confirmed the accuracy or determined the adequacy of this Red Herring Prospectus or approved or disapproved the Equity Shares. Any representation to the contrary is a criminal offence in the United States. In making an investment decision, investors must rely on their own examination of our Company and the terms of this Offer, including the merits and risks involved. The Equity Shares offered in the Offer have not been and will not be registered under the U.S. Securities Act of 1933, as amended (“U.S. Securities Act”) or any state securities laws in the United States, and unless so registered, may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and in accordance with any applicable U.S. state securities laws. Accordingly, the Equity Shares are being offered and sold outside the United States in ‘off-shore transactions’ in reliance on Regulation S under the U.S. Securities Act and the applicable laws of the jurisdictions where such offers and sales are made.

DISCLAIMER CLAUSE OF SECURITIES AND EXCHANGE BOARD OF INDIA(“SEBI”):

SEBI only gives its observations on the offer documents and this does not constitute approval of either the Offer or the specified securities stated in the Offer Document. The investors are advised to refer to page 414 of the RHP for the full text of the disclaimer clause of SEBI.

DISCLAIMER CLAUSE OF BSE (Designated Stock Exchange): It is to be distinctly understood that the permission given by BSE Limited should not in any way be deemed or construed that the RHP has been cleared or approved by BSE Limited nor does it certify the correctness or completeness of any of the contents of the RHP. The investors are advised to refer to the page 416 of the RHP for the full text of the disclaimer clause of the BSE Limited.

DISCLAIMER CLAUSE OF NSE: It is to be distinctly understood that the permission given by NSE should not in any way be deemed or construed that the Offer Document has been cleared or approved by NSE nor does it certify the correctness or completeness of any of the contents of the Offer Document. The investors are advised to refer to page 416 of the RHP for the full text of the disclaimer clause of NSE