WAPCOS files IPO papers with Sebi; government to divest stake
WAPCOS files IPO papers with Sebi; government to divest stake Public sector firm WAPCOS Ltd has filed preliminary papers with capital markets regulator Sebi to float an Initial Public Offering. The public issue will be a complete Offer For Sale (OFS) of up to 32,500,000 equity shares by the promoter, Government of India, according to the Draft Red Herring Prospectus (DRHP). WAPCOS provides consultancy, and engineering, procurement and construction services in the field of water, power and infrastructure sectors. It comes under the Ministry of Jal Shakti. The company also provides its services abroad, particularly in South Asia and across Africa in the fields of dam and reservoir engineering, irrigation and flood control. Also read| Harsha Engineers premium listing on BSE, NSE, shares gain 36% from IPO price: debut at Rs 450 on bourses Some of the listed peers in the segment are Ircon International, Rites, Engineers India, NBCC, and Va Tech Wabag. As on March 2022, the company’s order book stood at Rs 2,533.93 crore and Rs 18,497.33 crore for construction contracts. So far in the current fiscal, the Centre has collected Rs 20,557 crore by way of divestment proceeds through the Life Insurance Corporation of India IPO and Rs 3,000 crore from minority stake sale in ONGC. Also read| How do new internet IPO companies fare when it comes to valuation and profitability? The government has pegged divestment target at Rs 65,000 crore for the current financial year. IDBI Capital Markets & Securities Ltd and SMC Capitals Ltd are the book-running lead managers to the issue. The equity shares are proposed to be listed on BSE and NSE
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The launched works involve rehabilitating the Galgamuwa Railway Station and upgrading the railway line from Maho to Anuradhapura, including additional tasks. Another project is the second phase of track rehabilitation from Maho to Omanthai (128 kms), funded by a $318 million Indian Line of Credit.
Transport Minister Gunawardena praised the efforts of Indian company IRCON in Sri Lanka and called for more cooperation in the railway sector. State Minister Shantha Bandara and officials from the Sri Lankan Ministry of Transport attended the event.
Railways is a priority for Indian assistance in Sri Lanka, with over $1 billion invested under five Indian Lines of Credit. IRCON has been involved in Sri Lanks since 2009. It has contributed to the modernisation of Sri Lanka Railways by reconstructing the entire railway line network in the Northern Province (253 Km) and upgradation of the Southern line (115 km), as well as improving safety through advanced signalling and telecommunication systems.
Despite Sri Lanka’s debt standstill in April 2022, India’s support under various Lines of Credit has continued.
(With PTI inputs)
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