Punj Lloyd to raise $140 million

Indian construction company Punj Lloyd Ltd said on Tuesday it aims to raise up to Rs 642 crore ($140 million) in an initial public offering ...

Indian construction company Punj Lloyd Ltd said on Tuesday it aims to raise up to Rs 642 crore ($140 million) in an initial public offering (IPO) to help repay debt and buy new equipment. The company will sell 9.17 million shares, or 18 per cent of its post issue equity, and has set a price band of Rs 600-700 per share.

The issue includes 8.36 million new shares and 817,763 shares offered by some of the founders. Punj Lloyd, which builds pipelines and roads, reported consolidated revenue of Rs 1,920 crore for the year ended March 2005, up 19 per cent from the year before. It gets 26 per cent of its revenue from overseas where it focuses mainly on the Middle East. The company, which has 13 subsidiaries, reported a consolidated profit of Rs 106 crore last year, marginally higher than Rs 100 crore in the previous year.

Tulip IT sets Rs 100-120 price band

MUMBAI: Tulip IT Services Ltd, India’s fourth largest network integrator and wireless-based connectivity solutions provider, announced a price band of Rs 100 to Rs 120 for its forthcoming initial public offer (IPO). The fresh issue of equity is for 90 lakh equity shares of Rs 10 each for cash at a premium, at a price to be determined through the 100 per cent book building process. The price band indicates a premium of Rs 90 to Rs 110 for every Rs 10 paid-up equity share of Tulip. As per the price band, the floor price is 10 times the face value of the share while the ceiling price is 12 times the face value.

Triveni Engg fixes issue price at Rs 48

MUMBAI: Triveni Engineering and Industries Limited (TEIL) which entered the capital market with a public issue of 5 crore equity shares of Rs 1 each for cash within a price band of Rs 42 to 50, has fixed the issue price at Rs 48. The issue, which opened on November 18 and closed on November 25, was oversubscribed by more than 10 times the book. Over 97 per cent of the bids were received at the top end of the price band at Rs 50.