JKIL to raise Rs 78 cr through IPO

Mumbai, Jan 15: The city-based J Kumar Infraprojects (JKIL), an infrastructure company, today said that it will raise about Rs 78 crore through an initial public offer (IPO).

The issue with a fixed price band between Rs 110 and Rs 120 per equity share will open for subscription on January 18 and will close on January 23, 2006. The offer consists of 65 lakh equity shares of face value Rs 10 each, to be decided through 100 per cent book building process, the company said.

The proceeds will be utilized to meet its working capital requirement as well as for the capital equipment purchase, company Chairman and Managing Director Jagdish Gupta said, adding that the company had orders worth over Rs 460 crore in hand, which needs enough working capital.

JKIL has also won the bid to develop the flyover at the Milan Subway in Ville Parle, which has been a nightmare for the Mumbaikars in rainy season every year. '' We have already moved our construction equipment at the site and the construction work will start shortly,'' Mr Gupta said.

UNI