HG Infra Engineering sets IPO price band at Rs 263-270 per share

HG Infra Engineering fixed a price band of Rs 263-270 per share for its initial public offering (IPO), through which the company is expected to raise Rs 462 crore. The initial share sale offer will open for public subscription during February 26-28, the company said in a statement. The IPO consists of a fresh issue of shares aggregating up to Rs 300 crore an offer for sale of up to 60 lakh scrips by the existing shareholders. At the upper end of the price band, the public issue is expected to fetch Rs 462 crore. The infrastructure construction, development and management company said it will be "launching its IPO, which is scheduled to open on February 26 and close on February 28, with a price band of Rs 263 -270 per equity share". Proceeds of the IPO will be utilised towards purchase of capital equipment, repayment of certain indebtedness, and for other general corporate purposes. SBI Capital Markets and HDFC Bank will manage the company's IPO.