Mumbai, Sep 17 (UNI) Mumbai-based Supreme Infrastructure will enter the capital market with a public issue to raise Rs 36 crore for funding its expansion plans.
The price band of the IPO has been fixed at Rs 95 to Rs 108 and the issue will open on September 21 and close on September 26.
The company is mainly engaged in infrastructure development and civil construction. Its ongoing projects include construction of road, highways and execution of contracts of National Highway Authority of India.
The company is also executing earthwork and civil construction work for laying railway tracks as part of the Kurla-Thane expansion plans under the World Bank-aided Mumbai Urban Transport Project (MUTP).
Supreme Infrastructure managing director Vikram Sharma said, ''The proceeds of the IPO will be used to generate bigger capacities and more complex projects.'' Presently, the company has four units and has projects in and around Mumbai and Chitadurga in Karnataka.
For the first quarter of the current fiscal, the company posted a net profit of Rs 5.78 crore.