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Our Bureau

MR ASHOK SOOTA

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Mumbai Feb. 1 MindTree Consulting Ltd, IT and R& D services company, is coming out with an IPO to raise around Rs 237.5 crore in the upper end of the price band of Rs 365-425 per share.

The proceeds will be used to part-finance a new development centre in Chennai.

The company has offered 55.9 lakh equity shares forming about 15 per cent of the fully diluted post-issue paid-up capital of the company.

The issue opens on February 9 and closes on February 14.

About 3.72 lakh equity shares are reserved for employees with 49.4 lakh equity shares being the net public issue.

The company will utilise Rs 120.7 crore to acquire land in Chennai while Rs 18.77 crore will go to repay a loan from Hong Kong and Shanghai Banking Corporation, said Mr Ashok Soota, Chairman and Managing Director.

Kotak Mahindra Capital Company Ltd, JM Morgan Stanley Pvt Ltd and JP Morgan Pvt Ltd are the book running lead managers, while Macquarie India Advisory Services Pvt Ltd is the lead manager.

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