Indian Stock Market

Kaushalya Infrastructure Development Corporation KIDC IPO : KIDC IPO opens on 20 Nov

Kaushalya Infrastructure Development Corporation (KIDCO) today said it plans to raise up to Rs 51 crore through an initial public offer (IPO) to buy land and equipment as well as for investing in various projects.

The Kolkata-based company would issue 85 lakh shares in a price band of Rs 50-60. The issue will remain open for subscription for four days from November 20, its Managing Director Prashant Mehra said here.

KIDCO plans to use Rs 17.50 crore for land acquisition, land development rights and real estate development. It also seeks to invest Rs 12 crore in various projects and joint ventures. Besides, about Rs 5 crore is to be used for the buying construction and infrastructure equipments for execution of projects, Mehra said.

He said the net issue to the public would constitute 40.93 per cent of the fully diluted post issue paid-up capital of the company.

The company would operate in diversified sectors such as townships, offices, houses and other buildings, urban infrastructure, highways, roads, power systems, irrigation, dams and agriculture systems to mitigate business risks in case of slowdown in a particular field, he said.

SREI Capital Markets will lead manage the issue and Intime Spectrum Registry would act as the registrar to the issue.