Sadbhav Infrastructure's Rs 425 cr IPO to open on Aug 31

Sadbhav Infrastructure Projects on Friday said its Rs 425-crore IPO will for public subscription on August 31. In a BSE filing, the firm, a subsidiary of Sadbhav Engineering, said, "The bid/issue opens on August 31, 2015 and closes on September 2, 2015. The anchor investor bid/issue period shall be one working day prior to the bid/issue opening date." The firm also informed that it has filed its red herring prospectus dated August 21, 2015 with Registrar of Companies, (RoC) Gujarat, at Ahmedabad on August 21, 2015 in order to undertake an initial public offering of its equity shares.

"The issue consists of a fresh issue of equity shares of Rs 10 each aggregating up to Rs 425 crore and an offer for sale of up to 3,235,762 equity shares by Xander Investment Holding XVII Ltd and up to 3,235,762 equity shares by Nonvest Venture Partners VII-A-Mauritius," the filing added. Following the announcement, Sadbhav Engineering shares rose by 1.57 percent to settle at Rs 332.90 apiece on the BSE on Friday.