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Our Bureau

Issue price fixed at Rs 175-200 a share

Mumbai , Sept. 25

Global Vectra Helicorp Ltd (GVHL), an offshore transportation services helicopter company, is coming out with a public issue of 35 lakh equity shares of Rs 10 each.

The issue price is to be decided through the book-building process. The company has fixed the price band between Rs 175 and Rs 200 per share.

The issue is scheduled to open on September 29 and close on October 6.

Of the total offer, the company will be issuing 28 lakh fresh equity shares and the balance seven lakh shares being sold by an existing investor Azal Azerbaijan Aviation Ltd.

The issue constitutes 25 per cent of the fully diluted post issue equity capital.

Global Vectra has proposed to reserve 50 per cent of the total offer for allocation to qualified institutional buyers on a proportional basis and 15 per cent for allotment on a proportionate basis to non-institutional investors.

The balance 35 per cent will be for retail individual bidders.

Fleet expansion

"The issue proceeds will be used for fleet expansion, infrastructure development and conversion of nine helicopters to Aviation Standard - 4 (AS-4). The company's present fleet of 14 helicopters will go up to 29 by 2009. "We plan to add six new copters this year," said Lt. Gen. (Retd.) S.J.S. Saighal, Chairman, GVHL.

Reliance Industries Ltd, British Gas Exploration and Production India Ltd, Transocean and Gujarat State Petroleum Corporation Ltd are the major clients of GVHL.

"The fleet expansion will place GVHL on top of its operating segment. Difficulty in getting government approvals will discourage new entrants.

Recent discoveries of oil reserves will help us as an offshore transportation facilitator," said Mr Siddharth Prakash Verma, Director-Business Management, GVHL.

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