Mumbai, Nov 13 (UNI) East-India based Kaushalya Infrastructure Development Corporation Limited (KIDCO) will enter the capital market with a public issue to raise Rs 51 crore to fund its expansion plans.
The IPO will hit the bourses on November 20 and will close by November 23. The price band of the issue has been fixed at Rs 50 to Rs 60.
The issue comprises a reservation for employees of upto 4,75,000 equity shares and the net issue to the public would be 80,25,000 equity shares.
As part of the expansion plans, KIDCO will utilise Rs 17.50 crore for acquistion of land, land developmental rights and real estate development, Rs 12 crore will be utilised for investing in built operate and transfer (BOT) projects and remaining amount will be spend on streamlining company's future plans.
After announcing the launch of IPO here today, Prashant Mehra Managing Director of the company said,'' The company intends to diversify into real estate development projects by developing residential and commercial projects.'' The company has already entered into a joint venture with West Bengal Housing Board for developing residential townsnhips across the state where West Bengal government has 11pc stake. The company has also formed a joint venture named Bengal KDC Housing Development Limited.
Established in 1992, the company has executed several projects mainly in the eastern part of the country and currently expanding operations to the states of Jharkhand, Chattisgarh and Sikkim.