Dev Procon files IPO papers with SEBI

Gujarat based Dev Procon is planning to enter capital markets with a public issue aggregating up to 7.50 million equity shares of face value Rs 10 each to be decided via 100% book building process, a move which will help in the expansion plans. The issue constitutes 30% of the fully diluted post issue paid-up capital.

Nirbhay Capital Services, Bigshare Services (P) are helping the company in the fund raising process.

The funds would be used to finance its ongoing projects; invest in its existing subsidiaries which will be utilized for the construction and development of ongoing and proposed projects undertaken by the respective companies and repay certain loan of one of its subsidiary.

Dev Procon is engaged in the business of construction of real estate projects on commercial scale.

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