Enviro Infra Engineers files draft papers with Sebi to garner funds via IPO

Enviro Infra Engineers, which is involved in the development of turnkey projects of sewage treatment plants and sewerage system, has filed draft papers with markets regulator Sebi to garner funds through an initial public offering (IPO).

The city-based company's proposed IPO is a combination of fresh issue of 4.42 crore equity shares and an offer for sale (OFS) component of 52.68 lakh shares by promoters, according to the draft red herring prospectus (DRHP) filed last week.

At present, promoters hold over 93 per cent stake in the company.

Proceeds from the fresh issue to the tune of Rs 181 crore will be used to meet the working capital requirements, Rs 100 crore will be used for payment of debt, Rs 30 crore will be infused into the company's subsidiary, EIEL Mathura Infra Engineers, to build 60 million litres per day Sewage Treatment Plant (STP) at Mathura in Uttar Pradesh.

Besides, a portion will be used for general corporate purposes.

Enviro Infra Engineers is engaged in designi