Published on Mon, Jan 04, 2010 at 09:24 | Source : Moneycontrol.com
Updated at Mon, Jan 04, 2010 at 14:25
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Gujarat Pipavav Port to raise Rs 500cr via IPO
Gujarat Pipavav Port has planned to raise Rs 500 crore through initial public offering (IPO) of equity shares. It has filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India.
Gujarat Pipavav Port has planned to raise Rs 500 crore through initial public offering (IPO) of equity shares. It has filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India.
Promoter APM Terminals Mauritius Limited currently holds 57.9% stake in the company, pre issue. Among institutions, IDBI Trusteeship Services Ltd and IDBI Bank are the major shareholders with 10.2% and 8.9% stake.
It is the developer and operator of APM Terminals Pipavav, which has multi-cargo and multi-user operations. It has the exclusive right to develop and operate APM Terminals Pipavav and related facilities until September 2028 pursuant to the Concession Agreement with GMB and the GoG.
For the period of nine-month ended on September 30, 2009, it has reported net loss of Rs 82.49 crore on total income of Rs 155.33 crore. It has debt of Rs 1,152.79 crore.
The issue proceeds are proposed to be utilised for (a) prepayment of loans; (b) investment in capital expenditure; (c) investment in capital equipment; and (d) general corporate purposes.
The book running lead managers to the issue are IDFC-SSKI Ltd and Kotak Mahindra Capital Company Ltd. IDBI Capital Market Services Ltd is the co-book running lead manager and Karvy Computershare Pvt Ltd is the registrar.
