Price band Rs 460-510 per share
Consolidated Construction Consortium is likely to raise Rs 190 crore from its initial public offering of 37 lakh equity shares of Rs 10 each.
The company has fixed the price band of the 100% book build issue at Rs 460-510 per share. At the floor price the company would raise Rs 170 crore. The issue opens on Tuesday, 18 September 2007 and will close on Friday, 21 September 2007.
The issue would constitute 10.01% of the fully diluted post issue paid-up capital.
The company intends to use the proceeds to finance the acquisition of construction infrastructure, investment in subsidiaries, expenditures towards its skill and management development centre, and repayment of loans.
Consolidated Construction’s order book stood at over Rs 2,000 crore as on 31 July 2007. For year ended March 2007, it reported net profit of Rs 47.68 crore, on total income of Rs 868 crore.
The company undertakes turnkey building contracts for corporate, infrastructure and realty players. It has clients in sectors such as IT, manufacturing, retailing and education.