Technofab Engineering IPO : Opening on 29th Jun 2010

by khalid on 17/06/2010 · 1 comment

Technofab Engineering Ltd (TEL) is engaged in the business of providing Engineering Procurement and Construction (EPC) services, and executing a wide range of Balance-of-Plant (BoP) and electro-mechanical projects on a complete turnkey basis. The company is entering into primary market with an Initial Public Offer (IPO) of 2990000 equity shares of Rs 10 each. The issue comprises of a reservation of 50000 equity shares of Rs.10 each for eligible employees. The IPO is opening on 29th Jun 2010 and the shares will be available for subscription up to 02nd Jul 2010. The premium of the issue will be decided through a 100% Book Building Process. The price band for the issue has not yet been fixed by the company. It will be provided here in bellthebull as soon as it is available.

The proceeds of the IPO will be used to meet long-term working capital requirements, finance the procurement of construction equipment, set up maintenance and storage facility for construction equipment, setting up of training centre for employees, general corporate purposes, and to meet Issue expenses.

The equity shares of the company are proposed to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

Issue Detail:-
Issue Open : 29th Jun 2010 – 02nd Jul 2010
Issue Type : 100% Book Built Issue IPO
Issue Size : 2990000 Equity Shares of Rs 10 each
Issue Size : Rs. 68.77 – 71.76 Crores
Face Value : Rs 10 Per Equity Share
Issue Price : Rs. 230 – Rs. 240 Per Equity Share
Market Lot : 25 Shares
Minimum Order Quantity : 25 Shares
Listing At : BSE, NSE

Fitch Ratings India Private Limited has assigned a grade of 3 out of a maximum of 5 to the proposed initial public offer of Technofab Engineering Ltd (TEL). The grade indicates the average fundamentals of the issue relative to other listed equity securities in India.

Book running lead managers to the issue is Collins Stewart Inga Private Limited.

Registrar of the Issue is Link Intime India Private Ltd Mumbai.

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