Mumbai, March 21
Tantia Constructions Ltd (TCL), an infrastructure company based in Kolkata, is coming out with an IPO of 42,50,000 equity shares of Rs 10 each through 100 per cent book building process. The issue opens on March 27 and closes on March 31, with the price band fixed between Rs 45 and Rs 50.
The proceeds from the issue, estimated at Rs 56 crore, will be used to purchase capital equipment, enhance long-term working capital requirement, invest in projects, and repay debts.
The company has a diverse geographic presence in India as well as in Bangladesh, Nepal, and Bhutan, and has to its credit projects in urban infrastructure, roads and Railways, marine infrastructure, aviation, and power transmission.
Tantia Constructions has clocked a turnover of Rs 96 crore and net profit of Rs 4.08 crore during the first nine months of 2005-06.
It is currently involved in projects worth over Rs 800 crore. They include laying a 15-km tramway in Kolkata, the two-km bridge on Kosi river, 165 km of roads in Mizoram, and the Dibrugarh airport terminal in Assam.