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
Friday, February 22, 2008
Wednesday, February 20, 2008
REC IPO fully subscribed just in 27 minutes flat!
• 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
• 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
Sunday, February 10, 2008
No change in Rural Electrification Corporation IPO schedule, price band
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.
“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.
Tuesday, February 5, 2008
IRB Infra IPO subscribed 4.3 times amid other flop shows
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).
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
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.
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
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).
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).
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