Akruti Nirman`s IPO opens on Jan 15
Mumbai based real estate developer, Akruti Nirman has decided to tap the capital market with an intial public offering (IPO) of 6,700,000 equity shares of Rs 10 each at a price band of Rs 475 to Rs 540 a share. The issue opens on Jan. 15, 2007 and closes on Jan. 19, 2007.
The company is expected to raise funds in the range of Rs 3182.50 million to Rs 3618 million. The issue shall constitute 10.04% of the post-issue capital of the company. As per the offer price, the company`s valuation is estimated at Rs 31.70 billion for lower price band and for the upper price band, it is estimated at Rs 36.04 billion.
The proceeds of the issue will be utilised to finance acquisition of land, cost of construction and repayment of loans.
The issue is made through 100% book building. J.P.Morgan India and Enam Financial Consultants are lead managers to the issue.
The company is expected to raise funds in the range of Rs 3182.50 million to Rs 3618 million. The issue shall constitute 10.04% of the post-issue capital of the company. As per the offer price, the company`s valuation is estimated at Rs 31.70 billion for lower price band and for the upper price band, it is estimated at Rs 36.04 billion.
The proceeds of the issue will be utilised to finance acquisition of land, cost of construction and repayment of loans.
The issue is made through 100% book building. J.P.Morgan India and Enam Financial Consultants are lead managers to the issue.
posted by SY at 12:17 PM
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