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Thursday, May 25, 2006

Unity Infraprojects IPO subscribed 2.37 times

Unity Infraprojects entered the capital market, with a public issue of Rs 34.43 lakh equity shares of Rs 10 each for cash, at a premium, which is to be decided through the book-building process.

The issue has been subsscribed 2.37 times, as per the NSE website at 9 pm May 25.

The qualified institutional buyer, QIB, has been subscribed 3.27 times. The retail portion has been subscribed 1.94 times.

The issue closed on May 24. The price band was fixed between Rs 651-732.

The company intends to use the net proceeds of the fresh issue to purchase capital equipment, prepay debt, invest in build operate-transfer (BOT) projects, fund working capital requirements and for general corporate purposes.

The issue comprises fresh issue of 27.68 lakh equity shares for Rs 10 each and an offer for sale of 6.75 lakh equity shares of Rs 10 each by Mr Avarsekar and other board members.

The company planned to reserve one lakh equity shares for permanent employees of the company and a balance of 33. 43 lakh equity shares would form the net issue to public. The sole book running lead manager to the issue is DSP Merrill Lynch .

Unity Infraprojects is one of India's leading engineering and construction companies. It provides integrated engineering, procurement and construction (EPC) services for civil construction and infrastructure sector projects.


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