PNC Infratech is coming up with an initial public offer (IPO) of upto 1.29 crore equity shares of face value of Rs 10 each. The issue opens on 8 May 2015 and closes on 12 May 2015.
The offer comprises a fresh issue of up to 1.15 crore equity shares and an offer for sale (OFS) of up to 14.21 lakh equity shares by Nylim Jacob Ballas India (FVCI) III LLC (selling shareholder). The price band for the IPO was fixed at Rs 355 to Rs 378 per share. The offer includes a reservation of 50,000 equity shares for subscription by eligible employees. The net offer shall constitute atleast 25% of the post-offer paid-up equity share capital of the company.
The company intends to use the proceeds of the fresh issue for funding working capital requirements, investment in its subsidiary, PNCRHPL for part-financing the Raebareli-Jaunpur Project, investment in capital equipment, repayment/prepayment of certain indebtedness and funding expenditure for general corporate purposes.
In the nine months ended 31 December 2014, the company reported consolidated revenue of Rs 1326.37 crore with a profit after tax (PAT) of Rs 62.43 crore.
PNC Infratech is an Indian infrastructure construction, development and management company, with expertise in the execution of major infrastructure projects, including highways, bridges, flyovers, power transmission lines, airport runaways, development of industrial areas and other infrastructure activities.
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