Global Vectra Helicorp fixes price band for IPO at Rs 175-200

Mumbai, Sept 25 (UNI) Global Vectra Helicorp Ltd (GVHL) has fixed the price band for the its IPO issue, to be decided through book building process, between Rs 175 and Rs 200 per equity share of Rs 10 each.

It will enter the capital market with its initial public offer of 35,00,000 equity shares of Rs 10 each for cash at a premium, which is scheduled to open on September 29 and close on October 6, 2006 Briefing media here today, its Chairman&Managing Director Lt Gen (Retd) SJS Saighal said the proceeds of the IPO will be deployed for part-funding the fleet expansion, development of GVHL infrastructure at Juhu Airport in Mumbai for maintenance and operations of its fleet and for retiring, besides repaying high-cost debt up to Rs 18.99 crore.

The issue constitutes 25 per cent of the fully diluted post issue equity capital. Of the total offer, the company will be issuing 28 lakh fresh equity shares and the balance 7 lakh euqity shares are an offer for sale by an existing investors, Azal Azerbaijan Aviation Ltd.

Replying to a question, Mr Saighal said,''currently we have 14 helicopters which we proposed to expand our fleet size to 29 by the end of fiscal 2009.'' Responding to a related query, he said the current average of helicopters in the company stands at 13.6 years, which will come to 6.5 years after the completion of fleet expansion by fiscal 2009, that makes us the first company to have the youngest fleet of helicopters in the country.'' The IPO shares will be listed at both Bombay Stock Exchange and National Stock Exchange. The book running lead managers to the issue is SBI Capital Markets.

UNI SN PM VKG1540