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Paul Noronha

Mr Ramesh Kumar Mehra (left), Chairman, Kaushalya Infrastructure Development Corporation, with Mr Prashant Mehra, Managing Director at a press conference to announce the company’s IPO in Mumbai on Tuesday. —

Our Bureau

Mumbai, Nov. 13

Kaushalya Infrastructure Development Corporation Ltd will be foraying into the capital markets with an IPO of 85 lakh equity shares of Rs 10 each for cash at a premium to be decided by 100 per cent book building process.

The price band is fixed between Rs 50 and Rs 60. The issue will open on November 20and close on November 23. The shares are proposed to be listed on the BSE and NSE.

The company plans to use the proceeds from the issue to fund land acquisition, land development rights and real estate development, investment in BOT/BOOT projects for joint ventures, and purchase of capital and infrastructure equipment for the execution of projects.

Up to 4.75 lakh equity shares will be reserved for employees and net issue to the public would be 80,25,000 equity shares.

This net issue would constitute 40.93 per cent of the fully diluted post-issue paid-up capital of the company.

SREI Capital Markets Ltd will be the lead managers of the issue and Intime Spectrum Registry Ltd the registrar.

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