EPC firm LCC Projects garners Rs 128 cr from anchor investors

New Delhi, Sep 8 (PTI) Engineering, procurement and construction (EPC) company LCC Projects Ltd on Tuesday raised Rs 128.14 crore from anchor investors, a day before the opening of its initial public offering (IPO).

The company has allotted 87.77 lakh equity shares to anchor investors, comprising 11 funds, at Rs 146 per share, which is also the upper limit of the price band, according to a circular uploaded on exchanges.

Astorne Capital, Edelweiss Life Insurance Company, Craft Emerging Market Fund, Sunrise Investment Trust, ASAS Global Fund, Necta Bloom VCC, RGSL Investment Fund, Rajasthan Global Securities and LRSD Securities are among the investors who participated in the anchor round.

The Rs 427-crore IPO of the EPC company will open for subscription

on September 9 and close on September 11. The company has fixed the IPO price band at Rs 139-146 per equity share.

The IPO comprises a fresh issue of equity shares aggregating up to Rs 258 crore and an offer-for-sale (OFS) of 1.16 crore shares.

At the upper end of the price band, the issue size is around Rs 427 crore, and at the lower end, around Rs 419 crore.

Proceeds of the fresh issue will be used for the purchase of equipment, payment of debt and for general corporate purposes.

LCC Projects is a multidisciplinary engineering, procurement and construction (EPC) company. Over two decades, the company has executed a wide range of projects in the irrigation and water supply segment such as constructing dams, barrages, weirs, hydraulic structures, canals, pipe distribution networks, lift irrigation works, water supply schemes and other EPC projects.

The company’s shares are proposed to be listed on both the BSE and NSE on September 17. PTI SP SHM