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Paul Noronha

Mr S. Sivaramakrishnan, MD, Consolidated Construction Consortium Ltd (left), with Mr K. Kannan, Director, at a press conference to announce the company’s IPO in Mumbai on Thursday. —

Our Bureau

Mumbai, Sept. 13 Consolidated Construction Consortium Ltd, a provider of integrated construction services in the industrial, commercial, infrastructure and residential sectors, proposes to enter the capital market with an initial public offering of 37 lakh equity shares of Rs 10 each.

The issue, which is being made through a 100 per cent book-building process, opens on September 18 and closes on September 21. The price band has been fixed at Rs 460-Rs 510.

Of the total issue, at least 60 per cent will be allocated on a proportionate basis to Qualified Institutional Buyers (QIBs), out of which five per cent shall be available for allocation on a proportionate basis to mutual funds.

The entire application money will be refunded if the minimum 60 per cent cannot be allocated to QIBs.

Further, up to 10 per cent of the issue will be available for allocation on a proportionate basis to non-institutional bidders and up to 30 per cent will be available for allocation on a proportionate basis to retail individual bidders, subject to valid bids being received at or above the issue price.

The issue would constitute 10.01 per cent of the post-issue paid-up capital of the company.

The equity shares are proposed to be listed on the BSE and the NSE. The company plans to raise between Rs 170.2 crore-Rs 188.7 crore to finance the acquisition of construction infrastructure, investment in subsidiaries, expenditures towards skill and management development centre, repayment of loans and expenditure for general corporate purposes.

For the year ended March 31, 2007, the company’s total income was 868.37 crore, compared with Rs 426.45 crore in the previous year.

Net profit stood at Rs 47.67 crore (Rs 18.98 crore).

The book running lead managers to the issue are Enam Securities Private Ltd and Kotak Mahindra Capital Company Ltd, while the co-book running lead manager is Spark Capital Advisors (India) Pvt Ltd.

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