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Wednesday, August 15, 2007

Supreme Infra IPO likely by August end

Supreme Infrastructure, engaged in road construction, highways widening and other infrastructure related activities, is likely to hit the primary market with its initial public offering by the end of August.

The company plans to come out with a public issue of 38,75,000 shares of face value Rs 10 each through 100% book building process. The company is also planning to make a pre-IPO placement of 4,00,000 shares to certain investors.

Mumbai-based Supreme Infrastructure plans to raise around Rs 21.11 crore for part financing purchase and/or upgradation of plant and machinery and Rs 17.98 crore for long term working capital requirement.

Supreme Infrastructure already has a ready mix concrete plant having capacity of 30 cubic metres of RMC per hour and plans to enhance capacity by setting up another plant. It also has a crushing plant with a permission to remove 80,000 metric tonne of building stone at Bhiwandi near Mumbai.

At present it has 10 projects under execution with almost same number of sites till March 31, 2008. Among others, the company has received a contract for western transport corridor Tumkur-Haveri NH-4 project package-3, rehabilitation and upgradation of Chitradurga section jointly with MBL Infrastructure.

The company has been awarded contracts by agencies like National Highway Authority of India, Maharashtra Metropolitan Region Development Authority, Maharashtra State Road Development Corporation, Public Works Department in the past, reports The Economic Times.

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