C&C to raise Rs 124cr via IPO

New Delhi, Feb 5 (UNI) New Delhi-based infrastructure company C&C Constructions today entered the capital market with an initial public offering of 42,69,451 equity shares at a price band of Rs 270-290 per share to raise Rs 124 crore.

The issue ending on Febraury 9, will constitute 23.38 per cent of the fully diluted post-issue capital of the company.

The company proposes to utilise Rs 85 crore to fund its built-operate-transfer (BOT) projects, Rs 27 crore towards procurement of equipments and the rest for funding working capital requirements.

About 60 per cent of the issue will be allotted on a proportionate basis to qualified institutional buyers (QIB), of which five per cent will be available for mutual funds.

Nearly 10 per cent of the net issue to the public has been allocated to non-institutional bidders and 30 per cent to retail individual bidders.

The company's order book is at Rs 840 crore, while it claims its capacity stands at Rs 1,200 crore.

Its client list includes National Highways Authority of India, Airport Authority of India, Public works Department of various state governments, Punjab Infrastructure Development Board, The Louis Berger Group and Rites Ltd.

The company provides engineering, procurement and construction services for infrastructure projects in India and Afghanistan. Its project expertise primarily involves transportation engineering projects including roads, bridges fly-over and airport runways.

UNI