Corrtech International files DRHP with SEBI
Corrtech International, a pipeline laying solutions provider, has filed draft red herring prospectus (DRHP) with capital markets regulator SEBI.
The Company plans to raise funds through an initial public offering (IPO) that comprises fresh issue of equity shares worth Rs 350 crore and an offer for sale of 40 lakh shares by promoters. It intends to utilize net proceeds from the fresh issue towards funding redemption of debentures, payment of debt, financing the capital expenditure for purchase of new equipment, infusion of equity into subsidiary company, funding incremental working capital requirements of the company and general corporate purposes.
Corrtech International is one of the leading focused providers of pipeline laying solutions including hydrocarbon pipeline laying works in India. It is also engaged in providing EPC (Engineering, Procurement and Construction) solutions towards process facilities for material and feed handling in oil and gas refineries and petrochemical complexes.
Equirus Capital is the book running lead manager to the issue.