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Saturday, March 25, 2006

Tantia Constructions IPO opens on March 27

Tantia Constructions, TCL, an infrastructure company based in Kolkata, is coming out with an initial public offer, IPO, of 42,50,000 equity shares of Rs 10 each through 100% book building process, reports The Hindu Business Line.

The issue opens on March 27 and closes on March 31, with the price band fixed between Rs 45-50.

The proceeds from the issue, estimated at Rs 56 crore (Rs 560 million), will be used to purchase capital equipment, enhance long term working capital requirement, invest in projects, and repay debts.

The company has a diverse geographic presence in India as well as in Bangladesh, Nepal, and Bhutan, and has to its credit projects in urban infrastructure, roads and railways, marine infrastructure, aviation, and power transmission.

Tantia Constructions has clocked a turnover of Rs 96 crore (Rs 960 million) and net profit of Rs 4.08 crore (Rs 40.8 million) during the first nine months of 2005-06.

It is currently involved in projects worth over Rs 800 crore (Rs 8 billion). They include laying a 15-km tramway in Kolkata, the two-km bridge on Kosi river, 165 km of roads in Mizoram, and the Dibrugarh airport terminal in Assam.

Microsec Capital is the book running lead manager and MCS is the registrar to the issue.

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