Akruti Nirman to list on February 7

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Akruti Nirman, a real estate development company engaged in the primary business of development of commercial and residential properties, will list on February 7, 2006 with 6,67,00,000 shares on the bourses.

It has fixed the issue price at Rs 540, the upper band of the IPO price band of
Rs 475 to Rs 540 per equity share of Rs 10 each.

The company had entered the capital market on January 15, 2007 with a public issue of 67,00,000 equity shares of Rs 10 each.

The issue had received excellent response from investors and was subscribed 81.04 times at close of the issue on January 19, 2007. The QIB portion was subscribed 118.09 times, HNI portion 64.69 times and retail segment 12.38 times. The total number of applications received were 2,34,692.

The issue constitute 10.04% of the post -issue capital of the company.

JP Morgan India and Enam Financial Consultants are the BRLMs for the issue and Intime Spectrum Registry is the registrar.

The company proposes utilize the net proceeds of the issue to finance acquisition of lands / rights in lands and development rights,  finance the construction and development costs for some of its projects under development, repay certain loans of the company and fund expenditures for general corporate purposes.