Unity Infraprojects to raise funds for expansion

Mumbai, Mar 30 (UNI) Unity Infraprojects , a leading Indian engineering and construction company, plans to enter the capital market with a public issue of 3,443,000 equity shares of Rs 10 each through the 100 per cent book-building process.

The company today said it has filed its DRHP with SEBI for the purpose.

The public issue comprises of a fresh issue of 2,768,000 equity shares by the company and an offer for sale by Mr Kishore K Avarsekar and his family of 6,75,000 equity shares of Rs 10 each.

After allowing for reservation of 1,00,000 equity shares for employees, the net issue to the public will be up to 3,343,000 equity shares, a company release said.

The issue would constitute 25.75 per cent of the post-issue paid-up capital of the company, the release added.

The company intends to use the net proceeds of the fresh issue to purchase capital equipment, towards prepayment of debt, for investment in BOT projects, funding working capital margin requirements and for general corporate purposes.

The company said it has made a pre-IPO placement of 6,00,000 equity shares of Rs 10 each at a price of Rs 490 for cash agregating Rs 29.40 crore, while a preferential allotment of 4,50,000 equity shares and 1,50,000 equity shares was made to Aeneas Evolution Portfolio and Prudential ICICI Mutual Fund, respectively, on March 24.

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