MBL Infra IPO : Plans to raise Rs 100 crore

by khalid on 25/11/2009 · 0 comments


AK Lakhotia, CEO of MBL Infrasturctures, informed to media that its IPO will hit the market on 27th Nov 09 to raise Rs 100 crore. The offer will be open between 27th Nov 09 and 1st Dec 09 for the public. The company has fixed its price band at Rs 165 to Rs 180 per share.There will be 5700000 equity shares of Rs 10 each in the offing. Equity shares up to 100000 will be reserved for the company’s employees.

The proceeds of this IPO will be used to add to our adjusting large freight of construction equipments worth about Rs 55 crore and to strengthen our working capital by Rs 30 crore and the balance will be used for general corporate purposes.

The company is engaged in the business of construction and maintenance of roads and highways, industrial infrastructure projects and other civil engineering projects for various government bodies and other clients. It is also engaged in steel trading and waste management (ferrous scrap and slag recycling) at major steel plants.

MBL Infra had a turnover of Rs 505 .8 crore in FY09 with a PAT of Rs 27.4 crore. In first quarter Q1FY10 ended June 2009 Company achieved a turnover of Rs 149 crore with PAT of Rs 8.4 crore.

The equity shares are proposed to be listed on Bombay Stock Exchange Limited and the National Stock Exchange of India Limited.

Motilal Oswal Investment Advisors Private Limited is the book running lead manager and Intime Spectrum Registry Limited is the registrar to the issue.

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