Patel Infrastructure Limited files DRHP to float an IPO

Patel Infrastructure Limited has filed a draft red herring prospectus (DRHP) with SEBI to float an initial public offering (IPO). According to the DRHP, the company has proposed the sale of shares worth Rs 4 billion in the IPO. Through this move, the company will dilute 20-22 per cent of its stake. The IPO is being managed by SBI Capital Markets and IIFL Holdings.