The Hindu Business Line : Gremach Infrastructure plans Rs 59-cr IPO

MR RATAN LAL Tamukuwala (left), Chairman, Gremach Infrastructure Equipments & Projects Ltd, and Mr Rishi Raj Agarwal, MD, at a press conference to announce the company's IPO in Mumbai on Monday. — Paul Noronha

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Mumbai March 5 Gremach Infrastructure Equipments & Projects Ltd, provider of construction and earthmoving machineries to medium and large companies on rental, proposes to enter the capital market with a public issue of Rs 59 crore through 100 per cent book building process.

The price band has been fixed between Rs 75 and 90 per equity share of Rs 10 each. The issue opens on March 9.

The public issue up to 50 per cent of the net issue size shall be allocated to qualified institutional buyers. Another 15 per cent of the issue would be available on proportion basis to non institutional bidders and at least 35 per cent of the issue shall be available for allocation on a proportionate basis to retail individual bidders subject to valid bids being received at or above the issue price, Mr R.R. Agarwal, Managing Director of the Gremach, said at a press conference on Monday. The equity shares are proposed to be listed on BSE. R.R. Financial Consultants Ltd is the lead manager, Chartered Capital & Investment Ltd is the co lead manager and Intime Spectrum Registry Ltd. is the registrar for the issue.