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Saturday, March 18, 2006

Patel Engineering plans FPO; files DRHP

Patel Engineering, a civil-infrastructure construction company, filed its draft red herring prospectus, DRHP, with Sebi for its follow on public offer, FPO, at a price to be determined through the 100% book building process. The offer is to raise Rs 4250 million, as a per press release.

It has blossomed into a front-runner civil engineering construction company in the country with many achievements to its credit. The company has executed projects in the field of tunnelling, underground works for hydroelectric and irrigation projects, nuclear and thermal power projects, bridges and marine works and public health projects.

Patel Engineering has till date completed 160 Km of tunnelling work, 75 dams, and 30 hydroelectric projects in India and 30 micro tunnelling projects in North America.

Over the last one year its order book has increased by more than 100% to Rs 4300 crore (Rs 43 billion).

Moreover, government’s continued thrust on infrastructure development and the finance minister’s budgetary outlay will further increase the number of infrastructure projects in the next two years.

The fresh capital raised will not only part finance some of the orders in pipeline but will also help the company in tapping the huge growth potential going ahead.

The company has appointed Enam Financial Consultants and ICICI Securities as the book running lead managers for the follow on public offering.

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