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Saturday, June 09, 2007

Consolidated Construction files for IPO with SEBI

Consolidated Construction Consortium has filed draft red herring prospectus with Securities and Exchange Board of India.

The company plans a public offering of 3,700,000 equity shares of Rs 10 each at a price to be decided through 100% book building process.

Around 2.22 million shares will be reserved for qualified institutional buyers, 370,000 shares for non-institutional investors and 1.11 million shares will be reserved for retail investors. The issue would constitute 10.01% of the fully diluted post issue paid-up capital.

The company intends to use the proceeds to finance the acquisition of construction infrastructure, investment in subsidiaries, expenditures towards its skill and management development centre, and repayment of loans. According to the prospectus, the company is working on 130 projects across various states in India as of April 30, and has received orders for additional six projects. As of April 30, the total order book was Rs 1, 812.53 crore.

ENAM Financial Consultants, Kotak Mahindra Capital and Spark Capital Advisors are the book running lead managers to the issue, reports The Economic Times.

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