New Delhi, Sept 28 (UNI) Construction and infrastructure development company Maytas Infra Ltd today said it will raise up to Rs 327 crore through its initial public offering (IPO) of 8.85-million equity share of Rs 10 each.
The company has fixed a price band between Rs 320 and Rs 370 per share through a 100 per cent book building process.
The issue opens for subsciption on September 27 and closes on October 4.
''The company intends to use the funds for investments in associate companies, purchase of construction equipment, general corporate expenses and issue expenses,'' company Senior Vice President (Business Development) P Chakrapani told reporter here.
Out of the total equity float, at least 60 per cent of the issue will be allocated on a proportionate basis to Qualified Institutional Buyer (QIB), 10 per cent to Non Institutional Bidders and 30 per cent will be allocated to Retail Individual Bidders.
Hyderabad-based Maytas has executed over 24 projects in the last four years in dams, canals, roads, bridges, expressways, buildings and structures, Mr Chakrapani said.
There are 73 projects in the company's constuction business including 13 joint ventures under various stages of development, he added.
The Book Running Lead Manager (BRLM)to the issue are DSP Merrill Lynch Ltd and JM Financial Consultants Pvt Ltd.
The Co-Book Running Lead Manager (CBRLM) to the issue is Kotak Mahindra Capital Company Ltd.