The Hindu Business Line : MSK Projects plans IPO at Rs 40 a share

CONSTRUCTION company MSK Projects (India) is coming out with a public issue of 60 lakh shares of Rs 10 each at a premium of Rs 30 per share to fund is two build-operate-transfer (BOT) projects.

The issue will open on September 27 and close on October 8, company statement said on Thursday. Shares of the company would be listed on the BSE, NSE and the Vadodara Stock Exchange.

MSK Projects has built two BOT road projects - Hoshangabad-Harda-Khandwa Road and Raisen-Rahathgadh Road (both in Madhya Pradesh). The cost of these projects is Rs 83.58 crore and Rs 62.55 crore respectively.

Of the total cost of Rs 146.13 crore, the company has already invested Rs 85.76 crore (includes subsidy of Rs 45.37 crore and loans of Rs 17.84 crore) in these projects up to May 24. The balance amount of Rs 41.38 crore will be funded by way of subsidy from Madhya Pradesh Rajya Setu Nirman Nigam Ltd and proceeds from the public issue.

Hoshangabad-Khandwa Road is almost complete and has been thrown open for traffic and toll collection has started, the statement said.