IPO Baazaar

Aanjaneya Lifecare IPO price band fixed at Rs 228-Rs 240

2011-05-03T17:08:00.002+05:30

Mumbai, May 03: Aanjaneya Lifecare Limited, a vertically integrated pharmaceutical company, is entering the Indian Capital Markets with its Initial Public Offer of 50,00,000 Equity Shares of Rs. 10 each for cash at a price band of Rs 228 to Rs 240.

The Issue will be through a 100% Book Building process which will constitute 39.76 % of the fully diluted post issue paid-up capital of the Company. Not more than 50% of the Issue shall be allocated on a proportionate basis to qualified institutional buyers (QIBs), not less than 15% of the Issue shall be available to non-institutional bidders and not less than 35% of the Issue shall be available to retail individual bidders.

The Company would use the proceeds of the issue for the following purposes:

1. Setting up of Anti Cancer API Facility at Mahad, Maharashtra
2. Setting up of cGMP Block for APIs at Mahad, Maharashtra
3. Setting up of Intermediate API Block at Mahad, Maharashtra
4. Expansion of its existing Research and Development centre at Mahad and Pune, Maharashtra
5. Setting up of a Quality Control and Quality Assurance Block at Mahad, Maharashtra
6. Setting up of Product Development Laboratory at Mahad, Maharashtra
7. Setting up of Stores Building at Mahad, Maharashtra
8. Meeting the Expenses for Branding and Registration of Products in the International Markets

Anand Rathi Advisors Limited and IDBI Capital Market Services Limited are the Book Running Lead Managers to the Issue.

About Aanjaneya Lifecare Limited:

Aanjaneya Lifecare Limited (the “Company) is a vertically integrated pharmaceutical company with manufacturing and marketing capabilities in APIs (Active Pharmaceutical Ingredients) with focus on anti-malarial, and Finished Dosage Forms (FDFs) catering to various therapeutic segments. The Company’s present product portfolio consists of second generation, quinine based anti malarial APIs and third generation artemisinin based anti malarial APIs, niche API’s and FDFs. In the formulation segment, as contract manufacturer, the Company supply to companies like Wockhardt, Cipla, Glenmark etc. In its own branded generic segment, the Company is offering products like Anjtil, Rankorex, Doktor Qure, Prosils, LivChek, Herbal Drops and Esyhil. Further, in 2011, the Company has also launched products like Aanrich, Actipros, Ulsacare, Apticatch, Anjeniya Curcumacare, and Nicco-nil amongst others.

The total income of the Company has grown from Rs. 2,238.43 lacs in FY 08 to Rs. 16,935.66 lacs in FY 10 at a CAGR of 175.06 %. The Profit after tax of the Company has grown from Rs. 231.90 lacs in FY 08 to Rs. 1,507.93 lacs in FY 10 at a CAGR of 155.01 %. The total income and profit after tax of the Company for the ten month period ended January 31, 2011 was Rs. 29,257.61 lacs and Rs. 3,111.19 lacs respectively.

Sahara Prime City targets to raise Rs 3,450 cr, files DRHP

2009-11-21T17:24:00.002+05:30

Mr. Subrata Roy Sahara led Sahara group has braced up for its maiden IPO with its realty arm Sahara Prime City Limited (SPCL) by filing its Draft Red Herring Prospectus (DRHP) with SEBI to raise close to Rs 3,450 cr.

SPCL plans to use the IPO proceeds, estimated to over Rs 3,450 crores including green shoe option, for its ambitious residential and commercial projects in 99 cities across the country. Sources said the company plans to issue shares at a face value of Rs 10 each at a price band to be decided later to raise above money.

Enam Securities Private Limited, JM Financial Consultants Private Limited and Kotak Mahindra Capital Company Limited are the Global Coordinators and Book Running Lead Managers for the issue. Edeliweiss Capital Limited, IDBI Capital Market Services Limited and Daiwa Securities SMB India Private Limited are the Boor Running Lead Managers.

SPCL is one of the largest real estate development companies in India, based on the size of its Land Reserves available for development and number of locations in which these Land Reserves are located, which consist of approximately 8,484.65 acres of land, including 4,194.10 lacs square feet of saleable area, which SPCL own or for which SPCL hold contractual development rights. Its business plan is focused on developing 88 integrated townships under the “Sahara City Homes” brand name and 15 residential complexes under the “Sahara Grace” brand name across 99 cities in India.

An integrated township typically will consist of a gated community with residential units in the form of apartment towers, townhouses and individual houses together with ancillary facilities such as schools, a hospital, a hotel, retail and leisure facilities. Its residential complexes typically will be smaller scale developments comprised solely of residential units. The primary source of revenue of company is expected to be from the construction and sale of residential units within its integrated townships.

SPCL currently have construction under way for nine integrated townships and one residential complex, which in the aggregate are planned to comprise approximately 547.10 lacs square feet of saleable area, 85.00 lacs square feet of which is already under construction. SPCL plan to deliver the residential units from 2011 in its integrated townships in Indore, Nagpur and Lucknow. SPCL refer to these 10 projects under development, for which land or land development rights have been fully acquired and construction has commenced, as Ongoing Projects.

SPCL have an additional 16 integrated townships for which SPCL expect to commence construction within the next 12 months, which SPCL refer to as Forthcoming Projects, which in the aggregate are currently planned to comprise approximately 884.70 lacs square feet of saleable area.

SPCL refer to its remaining 77 projects as Upcoming Projects, which in the aggregate are currently planned to comprise approximately 2,762.30 lacs square feet of saleable area.

SPCL is part of the Sahara Group, a major business conglomerate in India. The Sahara Group has operations in multiple sectors, including real estate, infrastructure and housing, financial services, housing finance, mutual funds, life insurance, print and television media and film production and distribution, information technology, medical, tourism hospitality and consumer products. The Sahara Group was founded in 1978 and has grown to an asset base of approximately US $12.0 billion to date. Over the past 10 years, the Sahara Group has completed four township projects under the “Sahara States” brand name, located in Lucknow, Hyderabad, Bhopal and Gorakhpur. During that same period, the Sahara Group completed two residential complexes, in Gurgaon and Lucknow, under the “Sahara Grace” brand name, two additional residential projects in Gorakhpur and Lucknow and five retail centers, for a total saleable area of 110.53 lacs square feet. This total saleable area was comprised of approximately 68.16 lacs square feet of residential area, approximately 23.82 lacs square feet of retail and commercial area, approximately 8.00 lacs square feet of healthcare-related area and approximately 10.55 lacs square feet of hospitality-related area.

The Sahara Group also has developed approximately 150.00 lacs square feet of saleable area, including facilities to be operated by the Sahara Group or leased to third parties, at Aamby Valley City, a large scale luxury township project. In addition, the Sahara Group has developed approximately 85 kilometers of roads, 350 acres of landscaped area, an airport at Aamby Valley City with a 1,200 meter runway, 12 power stations, three dams and 11 artificial bodies of water.

Through a wholly owned subsidiary, SPCL own and operate the Sahara Hospital, which opened in Lucknow in February 2009. In addition, through another subsidiary, SPCL also operate the Sahara Star hotel, located adjacent to the Mumbai domestic airport.

With these mega plans and its past record SPCL has presented a unique business model in real estate industry and it will be an interesting story to follow.

Astec LifeSciences IPO opens on Oct 29th: Price band Rs 77-Rs82

2009-10-27T14:42:00.000+05:30

Mumbai, October 27, 2009: Agro chemical and Pharma Company Astec LifeSciences Limited will enter the capital market with its IPO of 75, 00,000 Equity Shares of Rs 10 each on October 29, 2009. The IPO closes on November 04, 2009. The price band of the IPO has been fixed at Rs.77 to Rs. 82.

Of the 75 lakh shares, equity shares up to 1, 00,000 will be reserved for the company’s employees. This Issue is being made through a 100% Book Building Process. Almondz Global Securities Limited are the book running lead managers.
The main purpose of the IPO is to raise funds for the company’s expansion plans for its production and R&D units in Maharashtra. Astec plans to expand the production capacity of its unit in Mahad from the current 2800 Metric Tonnes to 3950 Metric Tonnes. The company will also upgrade its R&D facility at Dombivli near Mumbai which will enable them to carry out research on more complex molecules and to undertake contract research activities. The proceeds of the IPO will also be utilized to register two products in Brazil and six products in India.
Astec LifeSciences is engaged in the manufacture and sale of intermediates, active ingredients and formulations in the off patent–proprietary category with a focus on agrochemical and pharmaceutical Industry. The company carries out its manufacturing activities at two locations in Maharashtra, India comprising of three units. The Company has a team of 10 chemists who are engaged in research and development activities. Recognized by the Department of Science and Industrial Research, the R&D unit of Astec LifeSciences has been able to develop processes for various new products like Tebuconazole, Propiconozole and Metalaxyl. Astec LifeSciences has been granted ISO 9001:2000 Certificate of Assessment by International Standards Certification Pty limited, Australia for “Design, Development, Manufacture and Supply of Organic Chemical and Intermediates for Pharmaceutical and Agrochemical Industry”.
About Astec LifeSciences:
Astec LifeSciences is one of India’s leading producers of Agrochemical and Pharmaceutical products engaged in the manufacture and sale of intermediates, active ingredients and formulations in the off patent–proprietary category with a focus on agrochemical and pharmaceutical Industry. With three manufacturing units in two locations, Astec believes in producing a diversified range of products catering to the needs of a wide range of customers. The company has been granted ISO 9001:2000 Certificate of Assessment by International Standards Certification Pty limited, Australia for “Design, Development, Manufacture and Supply of Organic Chemical and Intermediates for Pharmaceutical and Agrochemical Industry”.

Pipavav Shipyard fixes IPO price at Rs 58 - Issue subscribed 9 times; Most bids came in at upper end of price band - Rs 60

2009-09-22T20:04:00.000+05:30

MUMBAI, September 22, 2009: India’s largest dockyard Pipavav Shipyard fixed the issue price at Rs 58, Rs 2 lesser than the upper end of its price band at which most of the bids through 100% book building process came in.

Reflecting tremendous confidence among investors across the board, the IPO was subscribed almost 9 times on Friday when the issue closed. Data available with the stock exchanges shows that the retail investors flocked to the IPO with the segment registering subscription three times. The QIB segment was subscribed eleven times and the non-institutional portion 15 times. The employee portion was almost fully subscribed.

Building India’s largest dry dock and world class multi-sector fabrication facility, Pipavav Shipyard hit the capital market on the last Wednesday with a bang as the issue was fully subscribed within the 1^st hour.

The company targeted to raise over Rs 510 crores with the issue of over 85.45 million equity shares of Rs 10 each with a price band of Rs 55-Rs 60. The company intends to use the IPO proceeds for Construction of facilities for shipbuilding, ship repair and the Offshore Business among other things.

JM Financial Consultants Private Limited, Citigroup Global Markets India Private Limited, Enam Securities Private Limited and SBI Capital Markets Limited, are the book running lead managers and Kotak Mahindra Capital Company Limited and Motilal Oswal Investment Advisors Private Limited are the co-book running lead managers.

Pipavav Shipyard enjoys a strong order book position of 34 ships – 22 Panamax size huge dry bulk carriers for 3 European shipping companies and 12 OSVs for ONGC. It has also bid for 7 naval vessels.

Pipavav Shipyard will focus on building ships for the Indian navy and coast guard. In addition, Pipavav Shipyard intends to utilize its shipbuilding facilities to repair a wide range of vessels, including VLCCs and OSVs, and other specialty vessels such as LNG carriers.

Its dry dock, measuring 662 meters in length and 65 meters in width, is capable of accommodating ships of up to 400,000 DWT and/or multiple combinations of smaller vessels including vessels catering to offshore activities such as offshore supply vessels (OSV), anchor handling tug supply vessels and multi-purpose support vessels. Installation of two Goliath cranes, each having a lifting capacity of up to 600 tonnes, is also in progress.

Euro Multivision to hit capital markets with solar back-up

2009-09-20T06:49:00.000+05:30

MUMBAI: Seeking to diversify into solar energy space, India’s 2^nd largest manufacturer of CDRs and DVDRs Euro Multivision Ltd will enter the capital market with its IPO of 8.8 million equity shares of Rs 10 each, with a price band of Rs 70-75, on September 22, 2009. The issue, which closes on September 24, 2009 is on a 100% book building process.

Of the 8.8 million shares, equity shares up to 200,000 will be reserved for the company’s employees. The net issue will constitute 36.97% of the company’s post issue paid up capital. Anand Rathi Advisors Limited are the book running lead managers.

The main purpose of the IPO is to raise resources for the company’s photovoltaic solar cell manufacturing unit in an SEZ at Bhachau in Gujarat’s Kutch district. The plant, being built at a cost of Rs 178.03 crores, will have a capacity of 40MW per year.

“This new field of business is synergistic with Company’s existing businesses and we will leverage on our core competencies in the areas of precision high technology, mass manufacturing, and project management,” said Mr Hitesh Shah, MD, Euro Multivision Limited.

“As one of the early entrants in this space, EML is well-positioned to leverage this growing business opportunity. EML is targeting one segment in the PV value chain that is most attractive from a synergy standpoint, since it leverages the company’s manufacturing competencies,” Mr Shah added.

The company has already acquired 28.75 acres of land for setting up the SEZ adjacent to the existing manufacturing unit at Bhachau, District- Kutch, Gujarat. The Company has also received its SEZ Notification on April 23, 2009 and the same was published in the Gazette of India.

As regards to the Plant & Machinery required for the proposed photovoltaic unit, the Company has a contract with OTB Solar B.V (The Netherlands), for selling and designing, delivering, installing, testing, and mechanically commissioning the Solar Cell Production Line at a fixed price of EURO 13,220,000.

The company’s diversification comes in the backdrop of increasing awareness about and reliance on renewable sources of energy, including solar photovoltaic, solar thermal, small hydro and biomass power. Under the BAU (Business As Usual) scenario the contribution of renewable forms of energy is expected to be quite modest, but a concerted effort to implement a more visionary plan could significantly alter this outcome.

Apart from reducing India’s dependence on imported fuels and the strain on the environment, some forms of renewable energy such as biomass power production and ethanol motor fuel offer the added advantage of potentially creating millions of rural employment opportunities and contributing to higher rural incomes, rather than higher outflows of foreign exchange. Tapping this potential will require conducive national policies and programmes designed to attract active participation from the private sector.

Energy is an essential building block of economic as well as overall development of the country. In an effort to meet the demands of a developing nation, the Indian energy sector has witnessed a rapid growth. Areas like the resource exploration and exploitation, capacity additions, and energy sector reforms have been revolutionized. However, resource augmentation and growth in energy supply have faced difficulties to meet the ever-increasing demands exerted by the multiplying population, rapid urbanization and progressing economy. Hence, serious energy shortages continue to plague India.

India's energy requirements are enormous and the demand is growing but our resources are limited both in physical and financial terms. It is a long term imperative that these resources are exploited optimally. India is attracting significant attention from major overseas project developers, equipment suppliers and financiers. However, there remain difficult issues to be resolved before these projects become a reality. (Source: http://www.bharatbook.com/India-Energy-Summit-2007.asp)

One of the possible solutions to this problem is Solar Energy. India receives solar energy equivalent to over 5,000 trillion kWh per year. The daily average solar energy incident varies from 4 -7 kWh per square meter depending upon the location. The annual average global solar radiation on horizontal surface, incident over India is about 5.5 kWh per square meter per day.

In India Solar Photovoltaic which is one form of Solar Energy comes under the Ministry of Renewable Energy. As per official records, the annual turnover of the Renewable Energy Industry in the country, including the power generating technologies for Wind and other sources, has reached a level of over Rs. 30,000 million.

About Euromultivision Limited:

Euro Muiltivision Limited, part of EURO group promoted by Mr Nensi Shah, has emerged as the second largest company manufacturing CDRs and DVDRs (Source: Optical Disk Manufacturers Welfare Association). EURO group, started in 1995, that has presence across multi products such as Vitrified & Ceramic Tiles, Agglomerated Marble, Aluminium Section, Aluminium Composite Panels (Bond), Hardware & Sanitary ware Fittings, Plywood, Veneers, Laminates, Mica, Canfor, Imported Furniture, Sponge Iron, CDR, DVDR, Glass Articles, Dry Battery Cell and Wooden Flooring and spread over various parts of India.

Euro Multivision limited was incorporated on April 29, 2004 and has set up a plant for the manufacture of Compact Disc Recordables (CDRs) and Digital Versatile Disc Recordables (DVDRs). It has commenced commercial production in April, 2005 with five manufacturing lines having an installed capacity of 720 lac units of CDRs and 72 lac units of DVDRs a year. After successfully operating five lines in the first year of its commercial operation, the company expanded the capacity by adding another five manufacturing lines in the second half of financial year 2006-07 taking the total to 10 manufacturing lines with a total installed capacity of CDRs to 1800 lac units a year. These lines are interchangeable and are convertible to manufacture DVDR as and when the requirement arises. Also these lines are compatible for manufacturing of pre recorded CD’s and DVD’s. In the same financial year, the DVDR manufacturing line was converted into CDR manufacturing line. The CDR production is fully stabilized and is operating on full capacity.

Our manufacturing facility is situated at Taluka Bhachau, District- Kutch, Gujarat. Our manufacturing facility is fully automated with least human intervention, which ensures international quality standards with optimum utilization of installed capacities. The major parts of the said manufacturing facility are procured from VDL ODMS B.V, Netherlands which is one of the leading suppliers for CDR manufacturing technology. Further, our manufacturing facility operates in Class 10000 (class 10,000 clean rooms, which enable us to produce clean, sterile, aseptic and dust-free products and components) environment and is completely powered by our Captive power plant for uninterrupted power supply.

Pipavav Shipyard IPO subscribed 8.24 times amid strong retail response

2009-09-19T15:06:00.001+05:30

MUMBAI: Reflecting the mood upbeat among investors across the board, the IPO of India’s largest dockyard Pipavav Shipyard was subscribed 8.24 times with the retail segment getting subscribed more than twice.

While the counting was still on till late in the evening yesterday, data available with the stock exchanges shows that the retail investors flocked to the IPO with the segment registering subscription 2.70 times. The QIB segment was subscribed 10.63 times, HNI-14.80 times. The employee portion was also fully subscribed.

Building India’s largest dry dock and world class multi-sector fabrication facility, Pipavav Shipyard hit the capital market on Wednesday with a bang as the issue was fully subscribed within the 1^st hour.

The company targeted to raise over Rs 510 crores with the issue of over 85.45 million equity shares of Rs 10 each with a price band of Rs 55-Rs 60 through a 100% book building process. The company intends to use the IPO proceeds for Construction of facilities for shipbuilding, ship repair and the Offshore Business among other things.

Pipavav Shipyard IPO opens with a bang - Issue fully subscribed within 1st hour

2009-09-16T18:07:00.000+05:30

MUMBAI, September 16, 2009: The IPO of India’s largest dockyard Pipavav Shipyard opened with a bang today with the issue getting fully subscribed within the 1^st hour. According to information available with the stock exchanges, the issue was subscribed nearly 2.67 times by 5 PM today.

Building India’s largest dry dock and multi-sector fabrication facility, Pipavav Shipyard hit the capital market targeting to raise over Rs 510 crores. The issue of over 85.45 million equity shares of Rs 10 each with a price band of Rs 55-Rs 60 through a 100% book building process closes on Friday.

The company yesterday received commitment of Rs 92 crores from six top anchor investors ahead of the IPO yesterday. The anchor investors - Batterymarch Financial Management Inc. A/C Legg Mason Emerging Markets Trust, Commonwealth Equity Fund Limited, California Public Employee’s Retirement System managed by Batterymarch Financial Management Inc, GI India II, India Diversified (Mauritius) Limited and Marshal India Select Fund Limited - subscribed to the IPO at Rs 60 each - the higher end of the price band.

The company intends to use the IPO proceeds for Construction of facilities for shipbuilding, ship repair and the Offshore Business among other things.

Pipavav Shipyard also intends to focus on building ships for the military and the government, initially focusing on vessels for the Indian navy and coast guard. In addition, Pipavav Shipyard intends to utilize its shipbuilding facilities to repair a wide range of vessels, including VLCCs and OSVs, as well as naval, coast guard and other specialty vessels such as LNG carriers.

Corporate blog is born

2008-08-24T01:26:00.004+05:30

A blog dedidated to update bloggers and surfers on corporate developments in India has just been floated.
The blog has already begun to post the latest develioments on various sectors like infrastructure, IPO, housing (covering Puravankara plans), corporate battles like the one brewing on Zandu and Emami front, IPO market scan with NHPC filing its DRHP with SEBI, apart from the updates on Reliance Money, NMCE and commodity markets
Pl check: - http://corporateradar.blogspot.com/

NHPC gets into IPO mode

2008-08-24T00:52:00.002+05:30

NEW DELHI: NHPC Limited, a hydroelectric power generating company, has filed its Draft Red Herring Prospectus with SEBI for entering the capital market with an IPO through the book-building route. The board of state-owned hydropower generator approved the proposed Initial Public Offering (IPO) of the company on Tuesday, to raise funds for its future expansions and part finance the construction and development costs of certain of identified projects. The Public Issue of 1,67,73,74,015 equity shares comprises a fresh issue of 1,11,82,49,343 equity shares by NHPC Ltd and an offer for sale of 55,91,24,672 equity shares by the President of India acting through the Ministry of Power, Government of India.

The company, formerly known as National Hydroelectric Power Corporation Limited, has appointed SBI Capital Markets Limited, Kotak Mahindra Capital Company Limited and Enam Securities Private Limited as the lead managers for the public issue.

“We have submitted the draft red herring prospectus (DRHP) with market regulator Securities and Exchange Board of India (Sebi) today,” said Mr.S K Garg, Chairman and Managing Director, NHPC.

NHPC Limited, a Mini Ratna (Category I) Central Government Public Sector Unit is dedicated to the planning, development and implementation of an integrated and efficient network of hydroelectric projects in India. NHPC has developed and constructed 13 hydroelectric power stations and the total installed capacity is currently 5,175MW.

Disclaimer
The Company is proposing, subject to market conditions and other considerations, a public issue of the equity shares and has filed its Draft Red Herring Prospectus with Sebi. The Draft Red Herring Prospectus is available on the website of SEBI at www.sebi.gov.in and the website of the Book Running Lead Managers at www.enam.com, www.kotak.com and www.sbicaps.com.

This press release does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any equity shares, not shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision.
This press release has been prepared for publication in India and may not be released in the United States. This press release does not constitute an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration under the US Securities Act of 1933, as amended or an exemption therefrom. The issuer or selling security holder has not and does not intend to register any securities under the US Securities Act of 1933, as amended, and does not intend to offer any securities to the public in the United States. The Company will not be registered under the US Investment Company Act of 1940, as amended, and investors will not be entitled to the benefits of that Act. No money, securities or other consideration from any person inside the United States is being solicited and, if sent in response to the information contained in these written materials, will not be accepted. Securities for sale in any jurisdiction, including the United States, and any securities described in this announcement may not be offered or sold in the United States in the absence of registration under the US Securities Act of 1933 or an exemption from registration.

Any potential investor should note that investment in equity shares involves a high degree of risk. For details, see the section titled “Risk Factors” of the Draft Red Herring Prospectus, which has been filed with the Sebi and is also available on the websites of the BRLMs are set forth above.

REC IPO generates demand for Rs 45,000 crores

2008-02-22T19:17:00.001+05:30

Issue subscribed 27.5 times despite volatile market
• Bids for 4.3 billion equity shares received

MUMBAI, February 22, 2008: Generating a demand for over Rs 45,000 crores despite a highly volatile market condition, the IPO of the state-run Rural Electrification Corporation Limited (REC) got subscribed by 27.54 times by 6 PM today, the last day of the issue.

The issue has received bids for 430 crore shares against 15.61 crore shares on offer in the price band Rs 90-105 per share. The issue has created a record as it was fully subscribed within 27 minutes of the opening on Tuesday.

The IPO generated excellent response from across the board. The QIB portion was subscribed 40 times, HNI 23 times and retail 5.69 times. The employee portion was also fully subscribed demonstrating the interest it has generated.

The Issue constitutes approximately 18.18% of the fully diluted post-issue capital of REC. IL & FS Investsmart Securities Limited, ICICI Securities Limited and SBI Capital Markets Limited are the Book Running Lead Managers for the Issue.

The Company proposes to utilize the net proceeds from the fresh issue to augment its capital base to improve its borrowing capacity in order to support the future growth in its assets.
The IPO came as the government mandated REC and Power Finance Corporation (PFC) to mobilize funds to ensure that viable projects do not suffer for want of funds as the government has drawn up plans to bridge the demand-supply yawning gap in power sector.

The government’s Eleventh Plan (2008-2012) anticipates a substantial increase in the country’s power capacity. The Ministry of Power’s data shows that India’s power generation system, as on March 31, 2007, had a total installed capacity of 132,330 MW and an additional 78,577MW are required to meet the projected demand during the plan period. Thus, the overall fund requirement by 2012 for the sector has been estimated at a whopping Rs 10,316,000 million.

B N Kumar - 93210 48332/ 93200 48332

REC IPO fully subscribed just in 27 minutes flat!

2008-02-20T11:53:00.003+05:30

• Subscribed by 2.14 times by 5 PM on Day 1
• Enthusiastic response from investors in choppy market
MUMBAI, February 19, 2008: Daring a choppy capital market, the IPO of the state-run Rural Electrification Corporation Limited (REC) got subscribed within just 27 minutes of its opening today. The issue was subscribed 2.14 times by 5 PM with the company receiving a total bids for 33.45 crore shares.
REC entered the capital markets with a public issue of 156,120,000 Equity Shares of Rs. 10 each through 100% book building process with a price band of Rs 90-Rs 105. The Issue shall constitute approximately 18.18% of the fully diluted post-issue capital of REC. The Issue closes on February 22, 2008. IL & FS Investsmart Securities Limited, ICICI Securities Limited and SBI Capital Markets Limited are the Book Running Lead Managers for the Issue. The Equity Shares are proposed to be listed on the NSE and the BSE.
The Company proposes to utilize the net proceeds from the fresh issue to augment its capital base to improve its borrowing capacity in order to support the future growth in its assets.
REC is one of the leading public financial institutions in Indian power infrastructure, engaged in the financing and promotion of transmission, distribution and generation projects throughout India.
The IPO came as the government mandated REC and Power Finance Corporation (PFC) to mobilize funds to ensure that viable projects do not suffer for want of funds as the government has drawn up plans to bridge the demand-supply yawning gap in power sector. The government’s Eleventh Plan (2008-2012) anticipates a substantial increase in the country’s power capacity. The Ministry of Power’s data shows that India’s power generation system, as on March 31, 2007, had a total installed capacity of 132,330 MW and an additional 78,577MW are required to meet the projected demand during the plan period. Thus, the overall fund requirement by 2012 for the sector has been estimated at a whopping Rs 10,316,000 million.
B N KumarConcept PR93210 48332/ 93200 48332

No change in Rural Electrification Corporation IPO schedule, price band

2008-02-10T11:58:00.000+05:30

AHMEDABAD: Exuding confidence about its strong fundamentals and bright prospects of the power infrastructure sector, state-run Rural Electrification Corporation has declared that there is no change in its IPO schedule or in its price band.
“We are not unduly worried over the failure of some other IPOs since we are confident that our issue is competitively priced,” said Mr Anil Lakhina, CMD of REC at a Press Conference here. “India has become a hot bed for investment in power sector,” he said and pointed out that close to 20% of the investment of Rs ten lakh crores in power sector in the 11th plan period will be done by REC alone.” He said.
He also sought to dispel the feeling in certain quarters that REC stands for electrifying only villages. “We are a diversified power infrastructure company and are not subsidized. We are a profit making company and have a consistent track record of performance winning the excellent ratings from the government consistently for 13 years from 1994.” he said.
REC’s loan sanctions and disbursements have grown at a CAGR of 28.37% and 13.51% respectively between Fiscal 2003 and 2007. Its loan sanctions amounted to Rs 329,254 million and disbursements Rs 107,328 million. Its PAT has grown at a CAGR of 8.92% from Rs 4,854 million in Fiscal 2003 to Rs 6,831 million in Fiscal 2007.
The size of REC’s business can gauged from the fact that its loan asset has grown at a CAGR of 18.35% from Rs 159,357 in FY ’03 to Rs 312,622 in FY ’07. As on March 31, 2007 REC had total assets of Rs 362,034 million net worth of Rs 38,070 million.
REC’s IPO will open on February 19, 2008 and close on February 22, 2008. Its price band has been fixed at Rs 80-Rs105 per equity share of Rs 10 each. The company is coming out with a public issue of 156,120,000 Equity Shares of Rs. 10 each through 100% book building process. The Issue comprises a fresh issue of up to 78,060,000 Equity shares by REC and an offer for sale of up to 78,060,000 Equity Shares by the President of India acting through the Ministry of Power. The net issue to the public will be up to 152,217,000 Equity Shares, after allowing for reservation of up to 3,903,000 Equity Shares for subscription by eligible employees as defined in the Red Herring Prospectus.
The Issue shall constitute approximately 18.18% of the fully diluted post-issue capital of REC IL & FS Investsmart Securities Limited, ICICI Securities Limited and SBI Capital Markets Limited. are the Book Running Lead Managers for the Issue. The Equity Shares are proposed to be listed on the NSE and the BSE.
The Company proposes to utilize the net proceeds from the Fresh Issue to augment its capital base to meet the future capital requirements arising out of growth in its assets, primarily its loan and investment portfolio due to the growth of the Indian economy and for other general corporate purposes including meeting the expenses of the Issue. The Company is seeking to strengthen its capital base to improve its borrowing capacity in order to support the future growth in its assets.
REC is one of the leading public financial institutions in Indian power infrastructure, engaged in the financing and promotion of transmission, distribution and generation projects throughout India. It occupies a key position in the GoI’s plans for the growth of the Indian power sector. Since its inception in 1969, the Company’s mandate has evolved to permit it to finance all segments of the power sector throughout the country. It provides funding to clients and assists them in formulating and implementing various types of power project-related schemes. Its clients include public sector power utilities at the central and state levels and private sector power utilities. Additionally, it finances power projects for its joint sector clients. It aims to capitalize on the increasing private sector participation in the Indian power sector. The Company occupies a unique position within the area of rural electrification of India and it currently administer grants and provide loans as the nodal agency for the RGGVY, which is primarily aimed at the electrification of all villages in India. As a public sector undertaking, it has been accorded “Mini Ratna Grade-I” status by the GoI by virtue of its operational efficiency and financial strength, which affords greater operational freedom and autonomy in decision-making. In recognition of its performance and consistent achievement of targets negotiated under the memoranda of understanding that it enter into with the GoI on an annual basis, the GoI has rated its performance as “Excellent” continuously from Fiscal 1994 through Fiscal 2007. REC has also been ranked among the top ten public sector undertakings in India by the Ministry of Heavy Industries and Public Enterprises for Fiscal 2000, Fiscal 2002 and Fiscal 2005.Domestically, it holds long-term borrowing ratings of “AAA”/Stable from CRISIL Limited, “LAAA” from ICRA Limited and “AAA(ind)” from Fitch, each of which is the highest long-term domestic rating of the respective agency. On an international basis, the Company holds long-term borrowing ratings of “BBB-” and “Baa3” from Fitch and Moody’s, respectively, which are on par with sovereign ratings for India. The President of India, acting through nominees from the MoP, currently holds 100% of the issued and paid up equity capital of our Company. After the Issue, the GoI’s shareholding will be 81.82% of the diluted post issue paid up equity capital of our Company. The GoI, acting through the MoP, oversees our operations and has power to appoint Directors to our Board.

IRB Infra IPO subscribed 4.3 times amid other flop shows

2008-02-05T19:04:00.000+05:30

MUMBAI, February 05, 2008: Beating the trend of low response in the primary market, the IPO of IRB Infrastructure Developers Limited was subscribed over 4.3 times by 1700 hrs today, the closing day of the issue.

The QIB portion was subscribed 6.4 times and HNI 1.6 times. The retail and employee portions were too fully subscribed. Deutsche Equities India Private Ltd is the Sole Global Coordinator and BRLM for the Issue and Kotak Mahindra Capital Co. Ltd is the Co-BRLM for the Issue.

IRB Infrastructure, with extensive experience in the roads and highways sector and currently involved in 12 BOT projects in this sector, has entered the capital markets on 31st January 2008 with a public issue of 5,10,57,666 Equity Shares of Rs 10 each through 100% book building process and with a price band of Rs 185 to Rs 220.

The Issue has been assigned a grade of 4-on-5 by Fitch Ratings India Private Limited, a credit rating agency registered with the Securities and Exchange Board of India (“SEBI”), indicating that the fundamentals of the Issue are above average, relative to other listed equity shares in India.

The Mumbai-based IRB Infrastructure Developers Limited, has recently catapulted itself into limelight by winning the contract and by outbidding giants like Reliance Energy and L&T, for the Six lanning of Surat-Dahisar section spaning over 239 kms. which is part of the National Highway Development Project- Phase-V.

With this, IRB Infrastructure also emerges as one of the largest players in the National Highway Development Project having bagged projects running into 414 km which constitutes nearly 8% of the over 5,000-km National Highway project. IRB already has concession for the Mumbai-Pune Expressway (110 km) and Surat-Bharuch section (65 km).

Rural Electrification Corp ties up with IIFCL, Hudco to fund power projects

2008-02-05T13:57:00.000+05:30

REC in consortium lending for mega power projects

State run power infrastructure funding company Rural Electrification Corporation (REC) has entered into agreements with IIFCL and Hudco for consortium lending for major power projects of over 1,000 MWunder public-private partnership.

Offcial sources said the consortium will fund up to Rs 4,000 crore for each greenfirled project. This is to ensure that it is well positioned to provide speedy consortium refinancing for large power infrastructure projects.

This development comes close on the heels of the Union Power Ministry mandating REC and Power Finance Corporation to mobilize resources to ensure that viable projects do not suffer for want of funds as the total fund requirement for the sector has been assessed at around Rs. 10,31,600 crores for the Eleventh Plan (2007-12).

The Working Group on Power for the Eleventh Plan (2007-12) based on certain government has estimated that the fund requirement for creation of projected capacity expansion alone will be about Rs. 4,10,900 crores.

REC, set up in 1969, has gained a rich experience and built up a knowledge base to promote an array of power sector related activities – from generation, transmission to distribution. It actively aims at capitalizing on the increasing private sector participation in the country's power sector.

Analysts point out that one of the aims of the Electricity Act is to create an environment that will attract private capital, both domestic and foreign, into the Indian power sector to supplement public sector investment.

Over the years, REC has emerged as a leading public financial institution in Indian power infrastructure. Staring off with the task of improving power supply and energisation of agricultural pump sets in 1969, the company has grown to become a leader in its own right – financing and promoting power generation, transmission and generation projects a cross the country.

A top analyst points out that REC's recent growth has been driven by the substantial investment in the power sector in the country combined with the growth of the Indian economy over the last several years. REC's loan sanctions and disbursements have grown at a CAGR of 28.37% and 13.51% respectively between Fiscal 2003 and 2007. For fiscal 2007, its loan sanctions amounted to Rs 329,254 million and disbursements Rs 107,328 million. Its PAT has grown at a CAGR of 8.92% from Rs 4,854 million in Fiscal 2003 to Rs 6,831 million in Fiscal 2007.

The size of REC's business can be gauged from the fact that its loan asset has grown at a CAGR fo 18.35% from Rs 159,357 in FY '03 to Rs 312,622 in FY '07. As on March 31, 2007 REC had total assets of Rs 362,034 million and net worth of Rs 38,070 million.

As power sector continues to be one of the prime driving forces of the Indian economy, REC finds itself in a position to play a stellar role in infrastructure development, the analyst says.
The government's Eleventh Plan (2008-2012) anticipates a substantial increase in the country's power capacity. The Ministry of Power's data shows that India's power generation system, as on March 31, 2007, had a total installed capacity of 132,330 MW and an additional 78,577MW are required to meet the projected demand during the plan period.

Thus, the overall fund requirement by 2012 for the sector has been estimated at a whopping Rs 10,316,000 million.

As much as half of the capacity addition is expected to be contributed by the Centre, while the States' contribution is bout 35.6%. A 10,760 MW addition (13.7%) is expected to come from the private sector.

Official data shows although power generation capacity in the country has increased substantially in recent years, it has not kept pace with the growth in demand or the growth of the economy generally. According to CEA, India's total energy shortage during fiscal 2007 was 68,341 million units (9.9% of its total requirements) and peak hour shortage was 13,610 million units (13.5% of demand).

According to the Planning Commission, the Indian economy has grown at an average of 8% for the past three years. The Eleventh Plan targets an average growth rate of 9%. Data from the Ministry of Power shows that India would have to increase its primary energy supply by three to four times and electricity generation capacity b y about six times if it were to meet the growing economy's needs over the next 25 years.

IRB Infra subscribed 2.3 times by mid-day on Jan 05

2008-02-05T12:49:00.000+05:30

IRB Infra subscribed 2.3 times by mid-day on Jan 05
MUMBAI: The IPO of IRB Infrastructure Developers Limited has been subscribed 2.3 times by 12 noon on the last of the issue - January 05, 2008.
IRB Infrastructure, an infrastructure and construction company in India with extensive experience in the roads and highways sector and currently involved in 12 BOT projects in this sector, has entered the capital markets on 31st January 2008 with a public issue of 5,10,57,666 Equity Shares of Rs 10 each through 100% book building process. The price band has been fixed at Rs 185 to Rs 220 per Equity Share of Rs 10 each. The Issue will constitute 15.36% of the fully diluted post-issue equity share capital of the Company. The Equity Shares are proposed to be listed on the BSE and the NSE.
The Issue has been assigned a grade of 4 (ind) out of a maximum of 5 (ind) by Fitch Ratings India Private Limited, a credit rating agency registered with the Securities and Exchange Board of India (“SEBI”), indicating that the fundamentals of the Issue are above average, relative to other listed equity shares in India. Deutsche Equities India Private Ltd is the Sole Global Coordinator and BRLM for the Issue and Kotak Mahindra Capital Co. Ltd is the Co-BRLM for the Issue.
Mumbai-based IRB Infrastructure Developers Limited, has catapulted itself into limelight by winning the contract and by outbidding giants like Reliance Energy and L&T, for the Six lanning of Surat-Dahisar section spaning over 239 kms. which is part of the National Highway Development Project- Phase-V.
With this, IRB Infrastructure also emerges as one of the largest players in the National Highway Development Project having bagged projects running into 414 km which constitutes nearly 8% of the over 5,000-km National Highway project. IRB already has concession for the Mumbai-Pune Expressway (110 km) and Surat-Bharuch section (65 km).

IRB plunges into volatile capital markets

2008-01-31T19:04:00.000+05:30

Unlike Emaar and Wockhardt which cut their IPO price bands, IRB Infrastructure plunged into the volatile capital market with its original price band of Rs 185-220.
As of 5 Pm, IRB issue was subscribed by 44% overall. The QIB portion was however higher at 75%. The issue closes on feb 5.

Wokhardt was yet to open its account as of 5 PM. It has revised its price band at Rs 280-310 (orig Rs 225-260)
Emaar IPO opens tomorrow with revised price band of Rs 540-630 (orig Rs 610-690)

Big fight for big RPL refunds: IRB, Emaar MGF, Wockhardt in fray

2008-01-30T13:38:00.000+05:30

MUMBAI, January 30: With a keen eye on the refunds of the mega IPO Reliance Power, at least three major companies – IRB Infrastructure Developers, Emaar MGF, Wockhardt Hospitals Ltd – are all set to dare the market volatility and enter the IPO market from tomorrow.
Refunds from India's largest IPO Reliance Power Limited are reported to be around Rs 100,000 crores. The capital market is all set to witness yet another big fight post RPL IPO – this time for the refunds of RPL application amounts. Refunds of RPL applications are expected to start hitting the bank accounts around the first week of February.
Many fresh IPOs, including that of Highways specialist IRB Infrastructure Developers Limited, Emaar MGF, a JV between Dubai-based Emaar Properties and MGF Development, and health care company Wockhardt Hospitals Ltd, are all se to vie with each to garner the RPL refunds.
While IRB and Wockhardt IPOs would open between January 31 and February 5, 2008, Emaar MGF issue opens on February 1.
Emaar MGF plans to raise Rs 7,080 crore, touted to be the second largest IPO by an Indian real estate firm. The company will offer 10.25 crore equity shares of Rs 10 face value at Rs 610 and Rs 690 per share.
IRB Infrastructure is entering the market on the strength of success of its road and highway projects. The company has recently outbid giants like Reliance Energy and L&T to win the contract for six-laning of 239 km long Dahisar-Surat section of the National Highway development Project (NHDP). With a public issue of 5,10,57,666 Equity Shares of Rs 10 each and a price band of Rs 185 to Rs 220 it targets to raise Rs 1,200 crores.
Wockhardt Hospitals Ltd it plans to raise 7.78 billion rupees through its IPO for setting up hospitals. The firm has set a price band of 280-310 rupees a share for the IPO and plans to sell
25.09 million shares. The healthcare services company is scheduled to enter the capital market on January 31 with an IPO of 25,087,097 equity shares of the face value of Rs 10 each for cash at a price to be determined through a 100 per cent book building process. The price band of the IPO has been fixed between Rs 280 and Rs 310 per share. The issue closes on February 5.

IRB Infrastructure Developers Ltd IPO opens 31st January

2008-01-27T19:02:00.000+05:30

Price band - Rs.185 to Rs.220

MUMBAI: IRB Infrastructure Developers Limited, an infrastructure and construction company in India with extensive experience in the roads and highways sector and currently involved in 12 BOT projects in this sector, proposes to enter the capital markets on 31st January 2008 with a public issue of 5,10,57,666 Equity Shares of Rs 10 each through 100% book building process. This includes reservation of up to 125,000 Equity Shares for subscription by eligible employees. The Issue closes on 5th February 2008 and the price band has been fixed at Rs 185 to Rs 220 per Equity Share of Rs 10 each. The Issue will constitute 15.36% of the fully diluted post-issue equity share capital of the Company. The Equity Shares are proposed to be listed on the BSE and the NSE. The company filed a Red Herring Prospectus (RHP) with the registrar of companies (ROC) on January 14th , 2008 .
The Issue has been assigned a grade of 4 (ind) out of a maximum of 5 (ind) by Fitch Ratings India Private Limited, a credit rating agency registered with the Securities and Exchange Board of India ("SEBI"), indicating that the fundamentals of the Issue are above average, relative to other listed equity shares in India. Deutsche Equities India Private Ltd is the Sole Global Coordinator and BRLM for the Issue and Kotak Mahindra Capital Co. Ltd is the Co-BRLM for the Issue. The Company proposes to utilize the net proceeds of the Issue for investment in subsidiary IDAA; prepayment and repayment of existing loans of the Company and the subsidiaries Aryan Toll Road Pvt. Ltd, Modern Road Makers Pvt. Ltd, Thane Ghodbunder Toll Road Pvt. Ltd, NKT Road & Toll Pvt. Ltd and Mhaiskar Infrastructure Pvt. Ltd.
Currently, the Company's shareholders include amongst others Deutsche Bank AG, Hong Kong Branch, Jade Dragon (Mauritius) Limited, and CPI Ballpark Investments Limited. Jade Dragon (Mauritius) Limited and CPI Ballpark Investments Limited are subsidiaries of Goldman Sachs and Merrill Lynch, respectively. Further, its infrastructure projects have been financed by various leading banks and financial institutions including the State Bank of India, Canara Bank, Union Bank of India, IDBI, Bank of India, Indian Overseas Bank, UCO Bank, Andhra Bank, Corporation Bank, Bank of Baroda and the Bank of Maharashtra.

IRB Infrastructure Developers is currently involved in 12 BOT projects in the roads and highways sector. Out of these projects, 11 projects are in the "operational" phase, i.e., engineering, procurement and construction phases have been completed on these projects and the project SPVs are currently earning revenues from toll collection under the relevant concession agreements. Among these completed projects one of the project is the concession rights to the Mumbai – Pune Corridor including the Mumbai Pune Expressway upto August 2019. One of the BOT projects involves four to six laning under NHDP Phase V on the Bharuch to Surat section of NH 8 project granted by NHAI in July 2006 to IDAA, one of its SPVs. is in the "under – construction" phase
IRB Infrastructure has recently diversified into the real estate development sector and it is in the process of acquiring land in the Pune district in Maharashtra on which it proposes to develop an integrated township. The proposed township project is in its preliminary stages of planning and development and will be its first real estate development project. Currently, the Company's Land Reserves consist of approximately 925 acres of land in the Mauje Taje and Mauje Pimploli Taluka in Pune district, and it intends to acquire an additional approximately 475 acres of land for its proposed township project.
In fiscal 2007, the consolidated total income of the Company was Rs. 325.08 crores and it earned consolidated net profit, as restated, of Rs. 29.96 crores. In the five months ended August 31, 2007, consolidated total income was Rs. 285.26 crores and it earned consolidated net profit, as restated, of Rs. 36.38 crores in this period. . IRB Infrastructure Developers Limited is the holding company of the IRB Group. The Company was formed to fund the capital requirements of the IRB Group's initiatives in the infrastructure and construction sectors. The Company, either directly or indirectly, exercises control and direction over all of the IRB Group's corporate entities. Ideal Road Builders Private Limited (IRBPL) and Mhaiskar Infrastructure Private Limited (MIPL) are its two largest subsidiaries in the infrastructure development and construction business. MIPL is involved in the Mumbai – Pune Expressway and NH 4 BOT project, which is the largest BOT project undertaken by the IRB Group. IRBPL is involved in various BOT projects as well as funded construction projects from government entities.

Making of a Highway Marathoner

2008-01-26T15:14:00.001+05:30

IRB's Mhaiskar – a Civil engineer with Financial skill sets – emerges leader on the National Highway front

If Ratan Tata has made it big with his dream car Nano, here is some one who is making it big with highway projects. Meet Virendra Mhaiskar, CMD of IRB Infrastructure has been having road shows with a difference – bidding from one road and highway to another and winning contracts. The group had won the concession for country's first ever BOT (Build, Operate, Transfer) project – the Thane-Bhiwandi bypass – and the largest BOT – the Mumbai-Pune Expressway. Today, he manages as much as 414 km stretches of the National Highways which constitutes roughly 8% of the Golden Quadrant project.
It's a no mean achievement for a product of an engineering college from an obscure town called Airoli in Navi Mumbai. "Yes, it is like a marathon on the highway," says Mhaiskar. The competition is getting tough and interesting by the day, he says with a smile.
His road projects are also making IRB cash registers ring! IRB, in fact, today is the largest toll tax road operator in the country today collecting about Rs crore a day. It is like managing a banking operation by itself – collecting money from many toll plazas and depositing them with lender bank escrow acounts.
In fact his marathon with road projects began some 18 years ago. Upon completing his studies in 1990, Mhaiskar joined his father and took over the responsibilities of the then new sector - toll collection operations. The team set up by him then even today manages the day to day toll operations for the Company.
In the year 1993 he led the project of strengthening the Nagpur airport runway. This was his first stint in road building which was completed successfully. With reforms in road sector in 1995 and the road projects taking shape on PPP basis, Mhaiskar felt the need to put in place an investment vehicle to fund the IRB Group's various initiatives in this sector. With this in mind, IRB was promoted in 1998, which today wholly owns all its subsidiaries engaged in construction, toll road and has majority control in the real estate subsidiary .
For quite some time now, Mhaiskar has focused his attention in building large projects for IRB With a view to building excellence all around and understanding the need to possess the capacity to construct with self owned resources, he has built a large equipment bank consisting of sophisticated construction equipment required for undertaking multiple projects. "At IRB, we undertake most of our work with our own resources says mhaiskar.
Over the years, this engineer has developed Financial skill sets too. Insiders say he personally works on all bids, engages a team to do a through research on costs before filing his bid. The latest bid that IRB has won – the Dahisar-Surat stretch of the National Highway development project Phase V - stands out as a shining example of competitive bidding. IRB Infrastructure offered a revenue share of 38% followed by L&T ( 35.21%) and Reliance Energy (33.61%).
This is in sharp contrast with the bidding for Gurgaon-Jaipur section where the highest bidder ETA-KMC consortium offered a high 48.06 % revenue share, followed by GMR_Punj Loyyed consortium's 36.5 %. Here the difference between the 1st and 2nd bidders works out to a massive 11.56%. In Panipat-Jalandhar Isolex led consortium offered a revenue share of 20.14% followed by REL's 5.08%, while in Chennai-Tada L&T was the highest bidder with a revenue sharing of 17.07% followed by Ramkay Infrastructure's 14.6%.
Analysts point out that the way bids were filed for Dahisar-Surat section proves that all the three had done their respective homework well, considering the low percentage of differences between the bids. It will be interesting to watch as to how ETA_KMC will ensure the high revenue sharing of 46%.
Ask Mhaiskar for the secret of his success. "It goes to the credit of Team IRB and the blessings of my Parents. I am only a member of the team. I am fortunate to have such excellent professional teams in every section – from bidding for tenders to executing the actual work ahead of schedule."
As an observer says all business roads lead to Mumbai. But roads that lead to Mumbai are under management of IRB - The Pune-Mumbai Expressway , Thane bhiwandi bypass on one side and the Bharuch-Surat-Dahisar sections on the other.