The Hindu Business Line : IVRCL plans fresh issue of equity; to pay Rs 3

IVRCL Infrastructures & Projects Ltd will be issuing fresh shares with an aggregate value of Rs 125-150 crore, including a green shoe option of 15 per cent, by way of public issue through the book building route.

The company is likely to come out with the issue in November this year.

A special resolution introduced by the company to this effect was unanimously approved by shareholders at the AGM on Friday, according to the Vice-Chairman and Managing Director, Mr E. Sudhir Reddy.

Mr Reddy also said that the company had appointed Enam Financial Consultants of Mumbai as the book-running lead managers for the issue, Amarchand & Mangaldas and Suresh a. Shroff, Advocates and Solicitors of Mumbai, have been appointed as legal advisors.

The due diligence process is going on and the company hopes to submit the issue documents to the SEBI by this month-end. IVRCL had come out with an initial public offer of equity shares in 1995-96.

In April, this year, the company 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 issue of further shares was stated be for increasing the company's net worth from the current level of Rs 217 crore so that it could pre-qualify for high-value infrastructure projects, including BOO and BOOT projects and those involving public-private partnership.

At the AGM, the shareholders also unanimously approved the dividend of Rs 3 per share for 2003-04 on the enhanced share capital of the company.

Deloitte Haskins & Sells Chartered Accountants and Chaturvedi & Partners have been appointed as the joint statutory auditors of the company.

More Stories on : Announcements | Public Offer

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
IVRCL plans fresh issue of equity; to pay Rs 3

Dunlop Board restructured

Novartis launches Otrivin-O spray

JK Pharmacem suspends production of Penicillin-G

Balaji Tele gets nod for pref allotment

Nalco plant bags environment award

Dasturco to prepare concept paper on IISCO expansion

Canara Bank ties up with New Holland for tractor finance

Jessop in pact with Singapore co

Gammon to focus on overseas projects

Sundaram-Clayton exports to touch Rs 100 cr in 2 yrs

R.K. Marble bets on Wonder brand to raise market share