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Tuesday, September 25, 2007

Maytas Infra IPO opens on Sept 27, price band Rs 320-370/sh

Maytas Infra, a construction and infrastructure development company, is entering the capital market with an initial public offering of 88.5 lakh equity shares of Rs 10 each for cash at a price to be decided through a 100 per cent book building process.

The issue will open for subscription on September 27 and will close on October 4. The company has fixed the price band between Rs 320 and Rs 370 per equity share.

Expansion plans

The company plans to use the funds to purchase construction equipment, invest in companies, building an elevated road in Bangalore, a coal based electricity generation plant in East Orissa and a coal washery in Chhattisgarh.

According to the company, Maytas has undertaken projects in 12 States, including those in irrigation, roads and bridges and other infrastructure sectors.

Diversified portfolio

The company has diversified its portfolio of construction projects and is also undertaking civil construction projects in power, industrial structures, oil and gas infrastructure and railway sectors.

Out of the total equity, 60 per cent of the issue will be allocated on a proportional basis to qualified institutional buyer (QIB), out of which five per cent will be available for allocation to mutual funds and not less than ten per cent of the issue will be available to non-institutional bidders and not less than 30 per cent will be allocated to retail individual bidders, reports The Hindu Business Line.

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