Jodhpur-based HG Infra Engineering Limited has received SEBI’s approval to float an IPO. HG Infra has proposed the issue of fresh shares worth Rs 3 billion while the promoters will sell 6 million shares. The firm will use Rs 0.9 billion to buy capital equipment and spend Rs 1.16 billion towards the repayment and advance payment of its debt. The company will spend an undisclosed amount for general corporate purposes. SBI Capital Markets and HDFC Bank are the merchant bankers managing the IPO and Choice Capital is the adviser for the IPO.