IL And FS Transportation Networks Rs 700 Cr IPO Opens On March 11 (08-Mar-2010)
IL&FS Transportation Networks Ltd. (ITNL) has announced that it's Rs. 700 crore Initial Public Offering (IPO) will open on 11 of March and closes on March 15 and take up international airport development projects in association with the Airports Authority of India.
Last week, on 4th of March, the company has already filed the red herring prospectus with the Registrar of Companies (Maharashtra). The offer consists of a fresh issue of equity shares by the company and an offer for sale of 42.78 lakh shares by Trinity Capital.
The price band of the public offer has been fixed between Rs 242 and Rs 258.
Enam Securities, Nomura Financial Advisory and Securities (India) and JM Financial Consultants are the book running lead managers to the issue, whereas Avendus Capital and SBI Capital Markets are co-book running lead managers for the issue.
The proceeds from the IPO will be utilised for the repayment of loan and to support its development plans.
Mr. K Ramchand, MD of ITNL said out of the total funds raised, Rs. 530 crore will go towards repayment of debt and the rest for new projects.
The company also plans to undertake various airport projects with Airports Authority of India (AAI).
Mr. Ramchand said the company is looking at international airport projects in association with its strategic technical advisor - AAI.
Part of the proceeds of the IPO will go towards repaying the debts to the tune of Rs 1,000 crore.
ITNL is engaged in road development, which constitutes over 90 % of its business. It has won one project each in metro rail and urban bus transportation.
The company has an order book of Rs 9,000 crore and has 19 projects under its portfolio and has already completed 9 projects and the remaining would be completed within the next 2 years.
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