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Saturday, September 01, 2007

Tecpro Systems plans IPO of 73 lakh shares

Tecpro Systems is entering capital market with an initial public offering (IPO) of 73,00,000 shares of Rs 10 each for cash through a book built issue and has filed draft red herring prospectus with SEBI.

The issue will constitute 22.33 per cent of the fully diluted post issue paid-up capital. The book running lead managers are SBI Capital Markets and Kotak Mahindra Capital. Intime Spectrum Registry is the registrar to the issue.

The money raised from the issue will be used for setting up of design and engineering center with the cost of Rs 33 crore, setting up of plant to manufacture conveyor belts with Rs 6.6 crore. The company is going to put investment of Rs 17.85 crore in TEL for power plants and Rs 12 crore in TPSL for working capital requirements.

Some money will be used for expansion of existing manufacturing facilities with Rs 8.66 crore and enhancing working capital to Rs 22 crore.

Tecpro provides total material handling solutions from concept to commissioning which involves design, engineering, manufacture, supply, erection and commissioning of material handling systems, associated structural and civil work, electrical and instrumentation work and auxiliaries like dust control, suppression systems, ventilation systems.

It undertakes turnkey projects of material handling systems and supply material handling equipment for raw material handling in power, cement, steel and other metallurgical plants, coal storage and reclaiming plants, biomass handling plants, aggregate process plant for mineral processes.

The company manufactures and sells crushers, screens and feeders for various applications. Its core business comes from the steel, cement and power sectors in India.

Its order book as on March 31, 2007 was Rs. 480.6 crore and the order book position as on June 30, 2007 was Rs 482.51 crore.

Tecpro is promoted by Ajay Kumar Bishnoi, chairman & managing director and Amul Gabrani, vice chairman & managing director.

The company reported sales of Rs 229.96 crore and net profit of Rs 21.08 crore for year ended March 31, 2007.

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