Unity Infraprojects Ltd IPO price band fixed at Rs 651/732

Mumbai, May 12 (UNI) Contruction major Unity Infraprojects Ltd, which has a presence in eight 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 will open on May 19 and close on May 24.

Briefing newspersons here today, Unity Infraprojects CMD Kishore K Avarsekar said that the company was entering the capital market with a public issue of 3,443,000 equity shares of Rs ten each for cash at a premium, which shall be decided through the book building process.

The public issue comprises 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 (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 construction and infrastructure segments, the company intends to tap the growing market for larger projects, he said.

Mr Avarsekar said in the infrastructure segment, the company aims to get into more complex and technically challenging projects including turnkey and design-build projects.

It also plans to increase its focus on build operate and transfer (BOT) and annuity projects. In the civil construction 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.

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