Accel Frontline to enter capital market on Sep 28

Mumbai, Sep 22: Accel Frontline Ltd, an information Technology services provider specializing in consulting and support services, proposes to enter the capital market on September 28, 2006 with an Initial Public Offer(IPO) of 5,635,950 equity shares of Rs ten each through 100 per cent book building process in the price band of 75 to Rs 90. The issue closes on October 5,2006.

Company Chairman&CEO Mr N R Panicker told reporters here today ,''The public issue comprises of a fresh issue of 5,165,67 equity shares by Accel Frontline Ltd and an offer for sale of 460,283 equity shares by Intel Pacific,INC.'' Fifty per cent of offer to the public shall be allocated on proportionate basis to Qualified Institutional Buyers (QIBs),out of which 5 five cent will be available for allocation to mutual funds registered with Securities and Exchange Board of India (SEBI) and the remaining QIB portion shall be available for allocation to the QIB bidders including mutual funds, subject to valid bids being received at or above Issue price, he said.

Further atleast 15 per cent of the offer to the public shall be available for allocation on proportionate basis to Non-Institutional Bidders and at least 35 per cent of the offer to the public shall be available for allocation on a proportionate basis to Retail Individual Bidders, he added.

Accel Frontline proposes to invest net proceeds of the issue to fund regional and global expansion plans and acquire and invest in strategic business. It also has plans to expand and improve its Enterprise Software Solution (ESS) and Business Process Outsourcing (BPO) infrastructure, he stated.

The Company was started as Accel Automation Pvt Ltd in 1991.

Later the name was subsequently changed to Accel Frontline Ltd with effect from November 3,2005 to reflect the new direction to adopt the business model of Frontline in IT Infrastructure Solutions and Services, he added.

UNI