SRM Contractors files draft papers with Sebi to mop-up funds via IPO

SRM Contractors Ltd has filed preliminary papers with capital markets regulator Sebi to mobilise funds through an Initial Public Offering (IPO).

The maiden public issue is entirely a fresh issue of 62 lakh equity shares, according to the Draft Red Herring Prospectus (DRHP).

Proceeds of the issue will be used to purchase machinery, support working capital requirements, invest in joint venture projects, pay debt and for general corporate purposes.

SRM Contractors is an engineering construction and development company engaged primarily in the construction of roads (including bridges), tunnels, slope stabilisation works and other miscellaneous civil construction activities in the Union Territories of Jammu & Kashmir and Ladakh.

Interactive Financial Services Ltd is the sole book running lead manager to the issue.