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Tuesday, October 09, 2007

Shriram EPC files DRHP with SEBI

Shriram EPC, a service provider of integrated design, engineering, procurement, construction and project management services, 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 (IPO) of equity shares.

The company proposes to issue 5,000,000 equity shares of Rs 10 each for cash at a price to be decided through a 100% book-building process. The issue will constitute 11.66% of the fully diluted post-issue paid-up capital of the company.

Out of the total equity shares being offered in the Issue, at least 60% of the issue will be allocated to qualified institutional buyers on a proportionate basis out of which 5% will be available for allocation on a proportionate basis to Mutual Funds only. Further, not less than 10% of the Issue will be allocated to non-institutional bidders and not less than 30% of the Issue will be allocated to retail individual bidders on a proportionate basis, subject to valid Bids being received from them at or above the issue price.

The company plans to primarily invest the proceeds of the Issue in its subsidiary and associate companies and fund purchases of plant and equipment for pipe rehabilitation projects.

The equity shares are proposed to be listed on the National Stock Exchange and the Bombay Stock Exchange.

The company's engineering, procurement and construction (EPC) business is focused on providing integrated turnkey solutions for renewable energy projects (including bio-mass based power plants and bio-ethanol production plants), process and metallurgy plants (including thermal power plants), water and wastewater treatment plants, water and water sewer infrastructure and pipe rehabilitation.

The WTG business has been focused on developing, manufacturing, erecting and commissioning 250 KW WTGs. Additionally, the Company is currently developing megawatt-class WTGs through one of its associate companies. The Company, its subsidiaries and associate companies have offices in Mumbai, New Delhi, Kolkata and Beijing; and WTG and cooling tower factories in Puducherry, Chennai and Umbergaon, Gujarat. Its EPC project experience and footprint encompasses 16 states in India. It has also completed wind energy projects in several locations across India and also internationally in Zambia and France.

Kotak Mahindra Capital Company Limited is the global coordinator and book running lead manager and ICICI Securities Limited is the book running lead manager. The co-book running lead manager is Motilal Oswal Investment Advisors Private Limited.

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