KNR Constructions was subscribed 0.28 times on the second day of opening. The issue received bids for 21.88 lakh shares as against 78.74 lakh shares offered. Price band of the issue is fixed between Rs 170-Rs 180 per share. The issue will close 29 January 2008. The shares are proposed to be listed on Bombay Stock Exchange and The National Stock Exchange.
The net issue will constitute 27.50% of the fully diluted post-issue equity share capital.
At the lower end of the price band, the company would raise Rs 133 crore and at the upper band it would accumulate over Rs 141 crore.
KNR Constructions is an infrastructure project development company. The proceeds from the issue are intended to be deployed for further equity investment in BOT projects and contribution towards the unsecured loan portion in the BOT Project (namely AP-07). The proceeds will also be used for purchase of capital equipment and for meeting working capital requirement.
Credit rating agency CRISIL has assigned a CRISIL IPO Grade '3/5' to the proposed IPO.
|