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Vascon Engineers IPO opens for subscription
Vascon Engineers, an engineering, procurement and construction (EPC) services and real estate development company, has opened its initial public offering (IPO) of 10,800,000 equity shares of Rs 10 each for subscription today. The price will be decided through a 100% book-building process.
Vascon Engineers, an engineering, procurement and construction (EPC) services and real estate development company, has opened its initial public offering (IPO) of 10,800,000 equity shares of Rs 10 each for subscription today. The price will be decided through a 100% book-building process.
The price band is between Rs 165 and Rs 185 per equity share. Bids can be made for a minimum of 35 equity shares and in multiples of 35 equity shares thereafter. The issue will close on January 29, 2010.
The issue would be constituted 11.95% of the fully diluted post issue paid-up capital of the company and the net issue would be constituted 11.84% of the fully diluted post issue paid-up capital of the company.
Promoters' shareholding will be reduced to 38.41% post issue, which includes 13.19% stake of R Vasudevan and Lalitha Vasudevan.
For the year ended March 31, 2009, the company has reported net profit of Rs 31.27 crore on total income of Rs 524.76 crore.
The issue proceeds will be used for construction of EPC contracts & real estate development projects; repayment of debt and general corporate purposes.
CRISIL has assigned IPO Grade 3/5 to the IPO of Vascon Engineers. This grade indicates that the fundamentals of the issue are average relative to other listed equity securities in India.
The book running lead managers to the issue are Kotak Mahindra Capital Company Limited and Enam Securities Private Limited.
