Saturday, October 08, 2005

Punj Lloyd files for IPO

Punj Lloyd, a leading engineering construction company in the country, plans to mobilise over Rs 500 crore from the capital market through an initial public offering (IPO). The company filed its draft red herring prospectus with the Securities and Exchanges Board of India (Sebi) on Friday.

The company proposes to enter the market with a public issue of 9,172,937 equity shares with a face value of Rs 10 each, at a price to be decided through the 100% book-building process. This comprises a fresh issue of 83,55,174 equity shares and an offer for sale of 8,17,763 equity shares.

The issue will reserve one lakh equity shares for employees. The issue will constitute 17.57% of the post-issue paid-up equity share capital of the company. The shares will be listed on the Bombay Stock Exchange and the National Stock Exchange (NSE).

Of the net offer for the public, at least 60% will be reserved for allotment to qualified institutional buyers (QIBs). About 5% of the QIB portion will be available for allocation to mutual funds (MFs).

Further, up to 10% will be available for allocation to non-institutional investors and the balance 30% will be available for allocation to retail investors. The book-running lead managers to the issue are ICICI Securities, DSP Merrill Lynch, Citigroup Global Markets India, and Kotak Mahindra Capital.

Punj Lloyd provides integrated design, engineering, procurement, construction and project management services for energy industry and infrastructure projects with operations spread across the Middle East, Caspian, Asia Pacific, Africa and South Asia. Standard Chartered, New York Life, Merlion Fund and Dunearn Investments, an affiliate of Temasek, hold stakes in the company.

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