SVEC IPO extends to Feb 13, revises price band at Rs 80-90
Market turmoil has also forced a Hyderabad based company, SVEC Constructions to rethink on its price band as the company has revised its price band to Rs 80-90 from earlier Rs 85-95 and extended the closing date to February 13 from February 8.
The company has entered capital market with an initial public offering of 40 lakh equity shares of Rs 10 each on February 4. The issue got subscribed just 0.20 times.
The company, which has experience in the areas of building and irrigation works, plans to raise between Rs 34 crore-Rs 38 crore.
The company plans to deploy funds for the purchase of capital equipment worth Rs 15.32 crore and for meeting the long-term working capital requirements estimated at Rs 23.86 crore.
The company’s order book position as on November 30, 2008 stands at Rs 521.91 crore.
The book running lead managers to the issue are Karvy Investor Services Ltd and Centrum Capital Ltd.
