Mumbai: Agra-based infrastructure firm PNC Infratech Ltd has fixed the price band for its proposed Rs 488-crore initial public offer (IPO) between Rs 355 to Rs 378 per share.
The company, which specialises in construction of highways, bridges, flyovers and airport runways, is making a public issue of up to 12,921,708 equity shares of face value of Rs 10 each including a share premium per equity share.
The price band is fixed from Rs 355 to Rs 378 per equity share to raise around Rs 488 crore, PNC Infratech chairman and managing director Pradeep Kumar Jain told reporters here.
The offer comprises a fresh issue to the public of up to 1.15 crore equity shares by the company and an offer for sale of up to 14,21,708 equity shares by the selling shareholder Jacob Ballas India, which is divesting its 25 per cent stake.
The issue will open on May 8 and closes on May 12.
The objective of the issue is to fund working capital requirements, investment in the subsidiary to part-finance the Raebareli-Jaunpur projects, investment in capital equipment and re-payment of certain indebtedness.
The company has projects in Rajasthan, Punjab, Haryana, Uttarakhand, Uttar Pradesh, Delhi, Bihar, West Bengal, Assam, Madhya Pradesh, Maharashtra, Karnataka and Tamil Nadu.
The company has executed 42 major infrastructure projects on an EPC basis, Jain said.
The company's order book in terms of total value of contracts including escalation was Rs 7,849 crore as on March 2015 and Rs 6,085 crore as on March 2014.
In the nine month period ended December 31, 2014, the consolidated revenues were Rs 1,326.37 crore and consolidated net profit was Rs 62.4 crore.
The book running lead managers to the offer are ICICI Securities Ltd and IDFC Securities Ltd.
