BSCPL Infrastructure files IPO papers, to raise Rs 650cr

The Hyderabad-based BSCPL Infrastructure (formerly known as B Seenaiah & Company Projects Limited) proposes to raise Rs 650 crore through the public issue; for which it has filed draft red herring prospectus (DRHP) with the SEBI.

The issue consists of a fresh issue of Rs 350 crore by the company and an offer for sale of Rs 300 crore by New Vernon Private Equity limited, Tattersalls Limited, Tiger Veda Bharat, LB India Holdings Mauritius II Limited, and L&T Infrastructure Finance Company Limited.

The company proposes to utilise the funds raised through the fresh issue for investment in subsidiary, BSCPL Aurang for part funding of the construction and development of BOT Project under development, through wholly owned subsidiary, BIPL; and repayment, in full or part, of the ICICI Facility for a sanctioned amount of Rs 150 crore.

Promoters hold 65.15 percent stake in the company while New Vernon Private Equity limited holds 11.41 percent stake, Tattersalls Limited 1.91 percent, Tiger Veda Bharat 3.8 percent, LB India Holdings Mauritius II Limited 2.95 percent and L&T Infrastructure Finance Company Limited 4.22 percent, as per data provided in DRHP.

Among others, Amansa Holdings Private Limited holds 1.76 percent stake and IDFC 1.76 percent in the company.

Consolidated net profit of the company stood at Rs 54.04 crore on total income of Rs 1,236.65 crore for the period of six months ending September 30, 2012.

BSCPL's order book stood at Rs 3,882.19 crore as of December 31, 2012. Of which Rs 3,526.904 crore of orders are related to roads, railways, transmission and other projects on fixed-sum turnkey and item rate basis; Rs 224.306 crore related to irrigation project; and Rs 130.98 crore related to building construction projects.

As of December 31, 2012, the company completed two (road) BOT projects through joint ventures, namely the Jaipur-Kishangarh Project and the Kurali-Kiratpur Project.

Its six BOT projects namely Simhapuri Expressway Limited, BSCPL Aurang Tollway Limited, BSCPL Godhra Tollways Limited, North Bihar Highway Limited and Mokama-Munger Highway Limited are under development.

As far as its real estate business is concerned, the two projects namely Bollineni Hillside project at Perumbakkam-Chithalapakkam, Chennai and Arena Apartments project at Dubai Sports City, Dubai are under construction.

JM Financial Institutional Securities Private Limited and Axis Capital Limited are the book running lead managers to the issue.

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