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Thursday, October 04, 2007

NKG Infrastructure files DRHP with SEBI

NKG Infrastructure, engaged primarily in execution of infrastructure projects like highways, roads & bridges, extension and grading of runway at airport, erection and installation of power sub-station and construction of buildings, has filed its draft red herring prospectus (DRHP) with the Securities & Exchange Board of India (SEBI) to enter the capital market with its initial public offering of equity shares.

At present, it is executing 67 projects including projects in joint ventures across various states in India. The value of projects under execution is Rs 526.87 crore.

The company proposes to issue 63,00,000 equity shares of Rs 10 each for cash at a price to be decided through a 100% book-building process constituting 44.41% of the fully diluted post issue paid-up capital of the company.

The objects of the issue are to deploy the proceeds for funding the capital expenditure requirements, investment in joint venture & BOT projects & augmenting the working capital resources.

The equity shares are proposed to be listed on the Bombay Stock Exchange and the National Stock Exchange. The book running lead manager to the issue is SPA Merchant Bankers Limited.

Its major clients include Public Works Department & other agencies of various state governments & development bodies like Noida Development Authority, Lucknow Development Authority, Ghaziabad Development Authority, etc. The private sector clients include construction companies like Era Construction India Ltd., Nagarjuna Construction Company Ltd. and Marg Construction Ltd.

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