MUMBAI, March 17 (Reuters) - Gammon Infrastructure Projects
Ltd has priced its initial public offer at 167 rupees a share,
at the lower end of the given price band, a company official
said on Monday.
At this level, the company, will raise 2.76 billion rupees
from the 16.55-million-share offer. The company will use the
funds for investment in several projects, repaying debt and for
acquisitions.
Gammon Infra is 82.5 percent owned by construction firm
Gammon India <GAMM.BO>.
Its share offer, which closed on March 13, had been
subscribed 3.48 times. Qualified institutional buyers subscribed
five times their alloted quota, high net worth individuals 3.5
times, and retail investors one time.
A majority of the bids for the book-built offer had been
received at the lower end of the 167-200 rupees price band.
"The listing on the stock exchanges is likely in the first
week of April," company secretary Sathis Chandran said.
IDFC-SSKI Investment Banking and Macquarie Capital Advisers
are the book-running lead managers to the issue.
(Reporting by Prashant Mehra; Editing by Sunil Nair)
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Keywords: GAMMON PRICING/