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Paul Noronha

Mr C. Ajad Kumar, Chairman-cum-Managing Director, SVEC Constructions Ltd, at a press conference held in Mumbai on Monday. —

Our Bureau

Mumbai, Jan. 28 SVEC Constructions Ltd, a Hyderabad based company proposes to enter the capital market with an initial public offering of 40 lakh equity shares of Rs 10 each.

The issue, which is being made through a 100 per cent book building process, opens on February 4, and closes on February 8. The price band has been fixed at Rs 85-Rs 95.

Of the total issue, at least 50 per cent of the issue to the public shall be allocated on a proportionate basis to qualified institutional buyers, five per cent of the portion available for allocation to qualified institutional buyers will be allocated proportionately to mutual funds. The remainder shall be available for allotment on a proportionate basis to qualified institutional bidders and mutual funds, subject to valid bids being received at or above the issue price. Also not less than 15 per cent of the issue to the public shall be available for allocation on a proportionate basis to non-institutional bidders and not less than 35 per cent of the issue to the public shall be available for allocation on a proportionate basis to retail individual bidders.

The company, which has experience in the areas of building and irrigation works, plans to raise between Rs 34 crore-Rs 38 crore.

The company plans to deploy funds for the purchase of capital equipment worth Rs 15.32 crore and for meeting the long-term working capital requirements estimated at Rs 23.86 crore.

The company’s order book position as on November 30, 2008 stands at Rs 521.91 crore.

The book running lead managers to the issue are Karvy Investor Services Ltd and Centrum Capital Ltd.

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