The Hindu Business Line : IVRCL to raise Rs 150 cr via book-building

IVRCL Infrastructures & Projects Ltd has decided to raise funds to an extent of Rs 125 crore to Rs 150 crore, including the greenshoe option of 15 per cent, by issuing shares through book-building process.

This will be subject to the shareholders approval at its annual general meeting to be held on September 17.

According to its Company Secretary, Mr G. Ramakrishna Rao, the issue of shares is for increasing the company's networth from the current level of Rs 217 crore so that it would be pre-qualified for high-value infrastructure projects, including BOO and BOOT projects and those involving public-private partnership.

Mr Rao told Business Line that the issue price of the shares as well as total number and the value of shares would be decided shortly.

The company's equity shares of Rs 10 each were currently being traded in the bourses at over Rs 190 per share.

In April, IVRCL had raised Rs 78 crore through the issue of 62.4 lakh equity shares at Rs 125 per share on a preferential basis to Citicorp International Finance Corporation of the US and Chrys Capital II LLC of Mauritius.

The company currently has projects worth around Rs 1,800 crore. The company's core competency is in social infrastructure projects.

In the first quarter of the current fiscal, IVRCL had posted a turnover of Rs 234.40 crore and a net profit of Rs 10.72 crore as against a turnover of Rs 152.77 crore and a profit of Rs 6.47 crore registered during the corresponding period in the previous year. Its earnings per share during the quarter stood at Rs 6.38.

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