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Friday, Feb 13, 2004

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IL&FS Investmart plans IPO

Our Bureau

Mumbai , Feb. 12

IL&FS INVESTMART Ltd (IIL) is planning a public issue to list its shares.

Mr Hemang Raja, Managing Director and Chief Executive Officer, IL&FS Investmart, told Business Line that the company proposes to come out with an IPO. He said the company is also weighing the option of having a strategic partner.

IL&FS Investsmart operates in the areas of investment advisory and broking, merchant banking, project syndication, securities broking and distribution of financial products.

He said several investment bankers had made presentations on various options for raising funds. Whether to go for IPO or strategic partner or both, would be decided after the board meeting of the company next month. In case the company goes for IPO, it could be in the form of fresh issue and offer for sale from the existing shareholders, he said.

IIL is promoted by Infrastructure Leasing & Financial Services; IL&FS holds 77 per cent stake and the balance 23 per cent by Japanese financial institution Orix.

Analysts said the issue is likely to be at a premium as the company is profit making.

Mr Raja said on equity of Rs 35 crore the company has net worth of Rs 55 crore.

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