Gremach Infrastructure Equipments IPO to open on Mar 8

Mumbai, Mar 5 (UNI) Gremach Infrastructure Equipments and Projects Ltd, the provider of construction and earthmoving machineries to medium and large companies on rental, will enter the capital market on March 8 with a public issue of 5.90 crore through 100 per cent book building process.

The issue has been fully reserved for the employees. It will close on March 14.

The price band has been fixed at Rs 75 to Rs 90 per equity share of Rs ten each. The company has not opted for grading of the Issue. The equity shares are proposed to be listed on BSE.

Company MD Rishi Raj Agarwal told reporters ''We are in the business of renting construction companies building roads, airports, power projects besides dams, railways, mining and others. We operate Infrastructure Bank where we hire equipments from other parties and rent to our own clients for optimum utilization such as sharing of assets. We provide total equipment solutions to the infrastructure projects by providing various types of equipments.'' With a view to expanding our existing operations and cater to the need of different equipments relating to infrastructure projects, we plan to invest in specialised equipments. Further, we propose to acquire high end multipurpose equipments as they are not readily available in the market and therefore a latent demand exists. This will enable the company to utilize the equipments effectively, added Agarwal.

UNI