Maytas to tap cap-market with 88.5 lakh equity shares

Mumbai, Sept 24 (UNI) Maytas Infra Ltd, a private construction and infrastructure development firm, will make its entry into the capital market with an initial public offering (IPO) of 88.5 lakh equity shares at a fixed price band between Rs 320 and Rs 370 per equity share.

Making the announcement of its public offer here today, the company said the equity shares of Rs 10 each for cash at a price will be decided through a 100 per cent book-building process. The issue, consisting 15.04 per cent of fully diluted post-issue equity share capital of the company, will be open for subscription on September 27 and will close on October 4'2007.

The company assured that out of the total equity float, at least 60 per cent of the issue will be allocated on a proportionate basis to qualified institutional buyers (QIBs), out of which 5 per cent will be available for the allocation on a proportionate basis to all QIBs including mutual funds.

Further, 10 per cent of the issue will be available for the allocation on a proportionate basis to non institutional bidders and the remaining 30 per cent will be available for allocation on proportionate basis to retail individual bidders, the company added.

UNI