Garuda Construction and Engineering's Rs 264 crore IPO to open on Oct 8

Garuda Construction and Engineering Ltd on Thursday said it has fixed a price band of Rs 92-95 per share for its Rs 264-crore Initial Public Offering (IPO).The initial share sale will open for public subscription on October 8 and conclude on October 10, the Mumbai-based company announced.The IPO is a mix of fresh issue of 1.83 crore equity shares and an Offer For Sale (OFS) of 95 lakh equity shares by promoter PKH Ventures.The IPO size has been pegged at Rs 264 crore at the upper end of the price band.Proceeds from its fresh issuance to the extent of Rs 100 crore will be utilised for working capital requirements; and balance towards general corporate purposes including unidentified inorganic acquisitions.Half of the issue size has been reserved for qualified institutional buyers, 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors. Investors can bid for a minimum of 157 equity shares and in multiples of 157 equity shares thereafter