Mumbai, Sep 13 (UNI) Chennai-based Consolidated Construction Consortium Limited (CCCL), an integrated turn-key construction services provider, will foray into the capital market with an Initial Public Offer (IPO) of 37 lakh equity shares of Rs 10 each for cash.
The price of the IPO will be decided through a 100 per cent book building process. A price band of Rs 460-510 has been fixed by the company for the IPO.
Addressing a press conference, CCCL managing director S Sivaramakrishnan said the funds raised through the maiden issue will be used to finance the acquisition of construction infrastructure, investment in subsidiaries, expenditure towards skill and management development centre, rapayment of loans and expenditure for general corporate purposes.
The bid issue will open for subscription on September 18 and will close on September 21. The shares are proposed to be listed on the National Stock Exchange and Bombay Stock Exchange, Mr Sivaramakrishnan said.
CCCL is presently engaged in executing 146 projects out of which, construction work on ten projects is yet to commence. Of these projects, 72 per cent projects belong to commercial, 15 per cent industrial and 12 per cent residential and others.
The company intends to enhance its presence in the residential sector in the near future, Mr Sivaramakrishnan said.