Unity Infraprojects IPO price band fixed

Mumbai, May 12: Unity Infraprojects Ltd, one of India's leading contruction companies with a presence in 8 states across India, has announced a price band between Rs 651 and Rs 732 for its forthcoming initial public offer (IPO)of equity shares.The issue opens on May 19, 2006 and closes on May 24,06.

Mr Kishore K Avarsekar CMD of the company told mediapersons here today that the Company is entering the capital markets with a public issue of 3,443,000 equity shares of Rs ten each for cash, at a premium that is to be decided through the book building process.

The public issue comprises of a fresh issue of 2,768,000 equity shares of Rs ten each by the company and an offer for sale by Abhijit K Avarsekar,vice chairman and Managing Director and Pushpa K Avarsekar wholetime Director of the company of 675,000 equity shares of Rs ten each.There is a reservation of up to one lakh equity shares for permanent employees of the company.The balance 3,343,000 equity shares would form the net issue to public.

With its wide ranging experience in both civil contruction and infrastructure segments, the company intends to tap into the growing market for larger progects. In the infrastrucature segment, the company aims to get into more comlex and technically challenging projects including turnkey and design-build projects.

It also plans to increase its focus on build operators transfer (BOT) and annuity projects.In the civil contruction sector, the company intends to pursue turnkey and design build projects to maintain and build on its current position.It also plans to bid more projects sponsored by private sector entities in various regions of India, he added.

UNI