Unity Infrastructure announces public issue of 3,443,000 shares
New Delhi, May 15 (UNI) Unity Infraprojects Ltd a construction company, today entered the capital market with a public issue of 3,443,000 equity shares of Rs 10 each for cash, to tap the growing market for larger projects.
The company, with a presence in 8 states across India has announced a price band between Rs 651-and Rs. 732- for its equity shares. The Issue opens on May 19, 2006 and closes on May 24, 2006.
The premium for the public issue 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 10 each by the company and an offer for sale by Kishore K Avarsekar, Abhijit K Avarsekar, Ashish K Avarsekar and Pushpa K Avarsekar of 675,000 equity shares of Rs 10 each. There is a reservation of up to 100,000 equity shares for permanent employees of the company. The balance 3,343,000 equity shares would form the net issue to public.
Of the net issue to public, up to 50 per cent is reserved for allotment to qualified institutional buyers, at least 15 per cent will be available for allocation to non-institutional investors and at least 35 per cent will be available for allocation to retail investors, on a proportionate basis.
With its wide-ranging experience in both civil construction and infrastructure segments, the company intends to get into more complex and technically challenging projects including turnkey and design-build projects. It also plans to increase its focus on 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 for more projects sponsored by private sector entities in various regions of India.
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