Concord Enviro Systems, an environmental engineering solutions firm, has filed preliminary papers with Sebi to raise funds through an initial public offering (IPO). The proposed IPO comprises fresh issuance of equity shares worth Rs 175 crore and an offer-for-sale (OFS) of 35,69,180 equity shares by promoters and an investor, according to the draft red herring prospectus (DRHP).
Those selling shares in the OFS are, promoters –Prayas Goel and Prerak Goel, promoter groups — Namrata Goel, Nidhi Goel and Pushpa Goel– and investor AF Holdings. Proceeds from the fresh issue will be used for investment in the company’s arm Concord Enviro FZE in relation to financing the construction of an assembly unit in Sharjah International Airport Free Zone, investment in subsidiary Rochem Separation Systems (India) for funding its working capital requirements, payment of debt and general corporate purpose.
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