This Hyderabad based company filed its DRHP with SEBI on 24th September 2007. It is planning to issue 52 lakh equity shares of Rs.10 each at a premium to be decided later through the book building process.Net issue of the Rithvik Projects IPO is 47 lakh equity shares to the public, comprising 27.65% of post issue paid up capital of the company.
The BRLM to the issue is Saffron Capital Advisors Private Limited. The stock is proposes to be listed on the NSE and BSE.
Rithvik Projects is an infrastructure development company providing integrated engineering, procurement and construction services for civil & structural construction and infrastructure sector projects.
Starting off mainly as a sub-contractor, the company has over a period of time managed to graduate to being principal contractors, with pre-qualification status to tender and bid for contracts valued at Rs.200 crore in its own name. The company has to its credit the construction of its OWK reservoir complex, comprising of three mini dams, implemented in 30 months.
The main objects of the Issue are to raise capital for financing the funds required for acquiring Plant & Machinery (Rs 60.25 crore) and augmenting Additional Long Term Working Capital Requirement (Rs 25 crore).
The net profit for the year ended March 31, 2007 stood at Rs 9.96 crore and it has reported net sales of Rs 213.84 crore.