Consolidated Construction IPO subscribed 54% on day two
Consolidated Construction IPO subscribed 54% on day two Chennai-based Consolidated Construction (Q, N,C,F)* Consortium (CCCL), a company engaged in construction services, received 54% subscription on the second day. CCCL received 1,986,900 share applications as against the issue size of 3,700,000 shares. A total of 117,552 bids were received at cut off price.
CCCL intends to deplo y the issue proceeds to acquire construction infrastructure, invest in its subsidiaries, settting up of skill and management development centres, repaying of loans, and fund expenditures for general corporate purposes.
Incorporated in 1997, CCCL is a provider of integrated turn-key construction services to the industrial, commercial, infrastructure and residential sectors of the construction industry. It holds experience of executing 334 projects (comprising of 104 industrial projects, 172 commercial projects, 14 infrastructure projects, and 44 residential projects) across 14 states and union territories in India. Presently, the company is executing 146 projects across various states in India, which involves the construction of 4.57 million sq ft of industrial space, 17.96 million sq ft of commercial space, and 0.55 million sq ft of residential space. As of Jul. 31, 2007, the total value of order book is Rs 20,495.68 million.
