KNR Construction to enter capital market on Jan 24

Mumbai, Jan 18 (UNI) Hyderabad-based construction company, KNR Construction today said that it will enter the capital market with an Initial Public Offering (IPO) of about 79 lakh equity shares on January 24.

The offer, closing on January 29, with a fixed price band between Rs 170 and Rs 180 per equity share of face value Rs 10 each will be issued under 100 per cent book-building process, the Company said.

Proceeds from the issue will be used for purchase of capital equipment and for meeting working capital requirement. Fifty per cent of the net issue will be allocated on a proportionate basis to Qualified Institutional Buyers (QIBs), while 35 per cent will be available for allocation on a proportionate basis to retail individual bidders.

UNI PP NM SM1507