Accel Frontline fixes issue price at Rs 75

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Accel Frontline, an information technology services provider specializing in consulting, infrastructure, applications, outsourcing and support services, has fixed its issue price at Rs 75 per share, as per press release

The company had entered the capital market on September 28, 2006 with a public issue of 56,35,950 equity shares of Rs 10 each in the price band of Rs 75 to Rs 90 per share. The issue was subscribed 2.44 times.

The issue closed on October 5, 2006. The issue constituted 25.04% of the fully diluted post issue paid-up capital of the company.  The company proposes to invest net proceeds of the issue to fund regional and global expansion plans and acquire and invest in strategic businesses. It also has plans to expand and improve its ESS and BPO infrastructure.

The equity shares will be listed on the NSE and BSE. SBI Capital Markets was the BRLM and Bajaj Capital was the co-BRLM for the issue and Intime Spectrum Registry was the registrar.
 
The company's total income for the year ended March 31, 2006 touched Rs 1,704.29 million and PAT at Rs 97.11million as against total income of Rs 1,368.18 million and PAT of Rs 42.16 million for the previous year.