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Tuesday, March 02, 2010

ARSS Infrastructure to list on Mar 3, IPO price at Rs 450

Orissa based company ARSS Infrastructure Projects has fixed March 3, 2010 as a listing date for its equity shares issued recently via public issue. It also fixed the issue price at Rs 450 per share, at higher end of price band of Rs 410-450.

The Rs 103 crore IPO, which was opened during February 8-11, had received overwhelming response from investors and subscribed 47.62 times.

Non-institutional investors were the leading subscribers in this issue. Their reserved portion got subscribed 124.5 times. Qualified institutional and retail investors’ reserved portion subscribed 49.3 times and 18.55 times, respectively.

The company is engaged in the business of construction activities in India. It undertakes construction of railway infrastructure, roads, highways, bridges and irrigation projects.

The issue proceeds will be used for investment in joint ventures (at a cost of Rs 5 crore) and funding long term working capital requirement (cost of Rs 86 crore).

The company's order book position was at Rs 28.77 billion as on January 10, 2010 and it had 145 projects in hand as on that date.

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