The Hyderabad-based Gayatri Projects is open for subscription with an IPO of 29,00,000 equity shares of Rs 10 each for cash, at a premium to be decided through the book-building process. 

The price-band for the issue has been fixed between Rs 275 and Rs 295. It closes on September 29, 2006.

Moneycontrol conducted a poll on market experts to check whether to apply for the public issue or not. Experts said apply.

*(View taken from their reports)

The money raised from the issue will be invested in a special purpose vehicle, SPV for execution of the Meerut-Muzaffnagar NHAI BOT/BOOT project and for repayment of debt.

The 1989-incorporated company, with a turnover of Rs 370 crore (Rs 3.70 billion), is engaged in execution of major civil works, including roads and highways, irrigation canals, concrete and masonry dams and ports, among other things, for the last 16 years.

Its construction works include 644 km of highways, 1,113 km of irrigation canals, apart from the 50.60 km of Narmada Main Canal in Gujarat. The company, having more than 850 employees, has a net worth of Rs 92 crore (Rs 920 million) and order book worth Rs 2,400 crore (Rs 24 billion).

The shares will be listed on the Bombay Stock Exchange.

Allianz Securities and IL and FS Investsmart are the book running lead managers and Karvy Computershare is the registrar to the issue.