Motilal Oswal private equity (PE)-backed GR Infraprojects Limited has received regulatory clearance from SEBI for its proposed IPO. The IPO aims to raise Rs 2.4 billion ($36 million) via a fresh issue of shares, in addition to an offer for sale of 1.1 million shares by a PE investor and the promoter. The company had filed IPO documents with SEBI earlier in October 2016. Reportedly, GR Infraprojects could raise around Rs 5 billion in total. It intends to use Rs 1.5 billion to purchase equipment for its engineering, procurement and construction (EPC) business, Rs 250 million to retire debt and the rest for general corporate purposes.