Maytas Infra IPO Allotment Listing and Over Subscription
Maytas Inra IPO Allotment Status
Maytas Infra, a construction and infrastructure development company, is entering the capital markets with an initial public offering of 8.85 million shares at a price band of Rs 320-370 a share. The company will mobilize Rs 283.20 crore to Rs 327.45 crore at lower and upper end of the price band. The issue will open for subscription on September 27, and will close on October 4, 2007.
The issue will constitute 15.04% of the fully diluted post-issue equity share capital of the company. Out of the total equity float, at least 60% of the issue shall be allocated on a proportionate basis to qualified institutional buyers, out of which 5% would be available for allocation on a proportionate basis to mutual funds.
Incorporated in 1988, Maytas Infra has adopted an integrated business model with a diversified order book. The company has historically focused on the irrigation, road and bridges, and buildings infrastructure sectors, a press release said.
Maytas Infra IPO in Rs 320-370 price band : Listing , Allotment , Subscription
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Maytas Infra IPO oversubscribed 67.86 times
Hyderabad-based Maytas Infra, a company engaged in infrastructure development, construction and project management, was oversubscribed 67.86 times for its public issue on closing day till 7.00 p.m.
The company received a total of 600,520,392 share applications as against the issue size of 8,850,000 shares. A total of 39,155,436 share applications were received at the cut off price.
Maytas Infra fixed the price band of Rs 320 to Rs 370 a share of face value of Rs 10. The company appointed JM Financial Consultants and DSP Merrill Lynch to manage this issue.
Maytas Infra intends to deploy the issue proceeds in the development of Bangalore-Hosur elevated expressway, 300 MW coal-based KVK Nilachal power project in Orissa, 56 MW coal washery reject-based SV power plants and 2.5 million MT per annum coal washery at Korba in Chhattisgarh.
