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Tuesday, February 20, 2007

Afcons Infrastructure to float Rs 250cr IPO

Indian infrastructure major Afcons Infrastructure will float an initial public offering, IPO next month to generate about Rs 250 crore to fund its domestic and overseas expansion plans.

"We will hit the market to generate about Rs 250 crore, which would be used for procurement of equipments and funding of our ongoing projects, managing director Afcons Infrastructure K Subramanian said.

He said the company has filed a draft red herring prospectus with the Sebi for an IPO of 16,065,000 equity shares of Rs 10 each for cash at a premium. The issue would constitute 18.37% of the post issue paid up capital of the company, he said.

Afcons, the flagship company of the Shapoorji Pallonji group, is building a dedicated oil jetty at Mauritius Port to enable the island nation meet its requirement of crude at a larger scale at a cost of USD 171 million.

Afcons executive director (Finance and Commercial) S Paramasivan said the company would venture more into the Middle East markets and entering newer areas of construction. The company has resolved to execute road construction work only on BOT basis in India.

The company has an order book of Rs 3,030 crore which include projects spanning in Asia, Middle East and Africa. Currently, it was executing marine, civil and pipeline works for Reliance Industries at Jamnagar, he said.

In an unique project of its kind the company would build a bridge on Chenab river in Jammu and Kashmir along with the Konkan Railway Corporation.

During the last fiscal the company's consolidated income was Rs 7,177.67 million, a growth of 29.52% compared to the previous fiscal, reports The Economic Times.

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