The Hindu : Business : CCCL taps market

Online edition of India's National Newspaper
Wednesday, Sep 19, 2007
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Business

CCCL taps market

Corporate Reporter

To mobilise Rs. 190 crore

CHENNAI: The Chennai-based Consolidated Construction Consortium Ltd., (CCCL) a provider of integrated turnkey construction services in the industrial, commercial, infrastructure and residential sectors, has entered the capital market on September 18 with an initial public offering of 37 lakh equity shares of Rs. 10 each through a 100 per cent book building process.

Price band

The price band for the issue, which closes on September 21, has been fixed at Rs. 460-510.

Addressing presspersons here on Tuesday, R. Sarabeswar, Chairman and CEO, said the company had so far executed 334 projects across 14 States and Puducherry. He said as of July 31, 2007, the company was engaged in executing 146 projects and the total value of the order book was Rs. 2,050 crore.

The projects include industrial structures, IT parks, commercial building, airport terminal buildings, hotel, hospitals and educational institutions.

The Chairman said the company was planning to mobilise Rs. 190 crore through the public issue to finance the acquisition of construction infrastructure, investment in subsidiaries, expenditure towards skill and management development centre and repayment of loans.

Of the total equity float, at least 60 per cent of the issue would be allocated on a proportionate basis to qualified institutional buyers (QIBs), out of which five per cent shall be available for allocation on a proportionate basis to mutual funds.

The issue would constitute 10.01 per cent of the post-issue paid-up capital of the company.

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