Aug 27, 2009

Pipavav Shipyard IPO to open on Sept 16, 2009

Pipavav Shipyard's initial public offering (IPO) will open for subscription on September 16 or 17, 2009, News sources revealed. The company may raise Rs 400-500 crore via IPO. Punj Lloyd currently holds 22.3% stake in the company.

As per the DRHP (draft red herring prospectus) filed with the SEBI, the company is coming out with a public issue of 86,850,000 equity shares of Rs 10 each. About 2,600,000 equity shares of Rs 10 each will be reserved in the issue for subscription by employees. The issue less the employee reservation portion shall be referred to as the net issue. The issue will constitute 13.04% of the fully diluted post-issue equity share capital of the company.

Proceeds from the issue will be used for construction of facilities for shipbuilding, ship repair and the Offshore Business, and margin for working capital.

The shares issued via IPO are proposed to be listed on the BSE and NSE. JM Financial Consultants Private Limited, Citigroup Global Markets India Private Limited and Enam Securities Private Limited are book running lead managers to the issue. Karvy Computershare Private Limited is the registrar.

Punj Lloyd bought 22.34% stake in the company at Rs 350 crore. Sea King Infra and Punj Lloyd are co-promoters, which hold 45.5% stake.



Post a Comment

Subscribe to Post Comments [Atom]

<< Home