Supreme Infrastructure to foray into capital market
The construction firm would enter the capital market with its IPO of 34.7 lakh equity shares to part-finance its expansion plans and meet its long-term financial requirements.
By PTI |
NEW DELHI: Construction firm Supreme Infrastructure India Ltd (SIIL) on Thursday announced it would enter the capital market with its IPO of 34.7 lakh equity shares to part-finance its expansion plans and meet its long-term financial requirements.
The company would issue these equity shares in a price band of Rs 95 and Rs 108 to raise Rs 36 crore in the upper price band and Rs 33 crore in the lower price band through the 100 per cent book building process.
The issue would open for subscription tomorrow and close on September 26.
"The issue constitutes 25.05 per cent of the post issue paid-up capital of the company and the proceeds from the IPO will be used to part-finance our expansion plans and meet its long-term capital requirements," SIIL's Managing Director Vikash B Sharma told reporters here.
This Initial Public Offer (IPO) would also help in generating capacities to bid for bigger, more complex projects and would enable us to enhance the capacity and technical ability, he said.
The company is also foraying into the real estate projects with its first project to construct IT park in Mumbai.
SIIL is primarily engaged in infrastructure development, civil construction and it presently have orders for construction of roads, highways, widening of highways and execution of contracts under National Highway Authority of India (NHAI), Mumbai Metropolitan Region Development Authority (MMRDA) and others.
The company would issue these equity shares in a price band of Rs 95 and Rs 108 to raise Rs 36 crore in the upper price band and Rs 33 crore in the lower price band through the 100 per cent book building process.
The issue would open for subscription tomorrow and close on September 26.
"The issue constitutes 25.05 per cent of the post issue paid-up capital of the company and the proceeds from the IPO will be used to part-finance our expansion plans and meet its long-term capital requirements," SIIL's Managing Director Vikash B Sharma told reporters here.
This Initial Public Offer (IPO) would also help in generating capacities to bid for bigger, more complex projects and would enable us to enhance the capacity and technical ability, he said.
The company is also foraying into the real estate projects with its first project to construct IT park in Mumbai.
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SIIL is primarily engaged in infrastructure development, civil construction and it presently have orders for construction of roads, highways, widening of highways and execution of contracts under National Highway Authority of India (NHAI), Mumbai Metropolitan Region Development Authority (MMRDA) and others.
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