IRB Infrastructure to tap market with 5.1 crore share float

October 4, 2007

MUMBAI: Another infrastructure to realty developer has sought the market regulator’s permission to tap the capital markets.

IRB Infrastructure Developers Ltd has lined up 5.1 crore share equity offering of Rs 10 each through 100 per cent book building process.

IRB Infrastructure was formed to fund the capital requirement of the IRB Group’s initiatives in the infrastructure and construction sectors. It has extensive experience in roads and highways and is working on build/own/transfer projects like the Mumbai-Pune Expressway and Bharuch-Surat section of National Highway 8. It has also diversified into real estate development.

As a part of its business strategy, the company now proposes to invest in its subsidiary IDAA and make prepayment and repayment of its existing loans and the subsidiaries through the net proceeds.

In January 2007 it formed a consortium with Deutsche Bank AG Singapore Branch to jointly bid for certain road infrastructure projects.

The Hong Kong branch of Deutsche Bank, Jade Dragon (Mauritius)-a subsidiary of Goldman Sachs, and CPI Ballpark Investments of Merrill Lynch each hold 3.85 per cent stake in IRB Infrastructure.

Deutsche Equities India and Kotak Mahindra Capital are book running lead managers to the issue.

Written by ITW Editor · Filed Under Investment and Finance

IRB Infrastructure files DRHP with SEBI

October 3, 2007

IRB Infrastructure Developers Limited, an integrated infrastructure development and construction company in India with significant experience in the roads and highways sector, proposes to enter the capital markets with a public issue of 51,057,666 Equity shares of Rs 10 each through 100% book building process.

It has also diversified into the business of real estate development sector. It has filed DRHP for this purpose with SEBI. Deutsche Equities India Private Limited is the Sole Global Coordinator and BRLM for the Issue and Kotak Mahindra Capital Company Limited is the Co-BRLM for the Issue.

IRB Infrastructure Developers Limited is the holding company of the IRB Group. The Company was formed to fund the capital requirement of the IRB Group’s initiatives in the infrastructure and construction sectors. Its infrastructure development portfolio includes several large BOT projects in the road sector, including the Mumbai-Pune Express Highway and NH.4 BOT project and the BOT project for the Bharuch to Surat section of NH.8. In January 2007.

It has formed a consortium with Deutsche Bank AG Singapore Branch to jointly bid for certain road infrastructure projects.
As a part of its business strategy, the company now proposes to invest in its subsidiary IDAA and make prepayment and repayment of existing loans of the Company and the Subsidiaries through the net proceeds of the Issue.

Deutsche Bank Hong Kong Branch, Jade Dragon (Mauritius) Limited (a subsidiary of Goldman Sachs) and CPI Ballpark Investments Limited (a subsidiary of Merrill Lynch) each hold 3.85% stake, and Somerset Emerging Opportunities Fund hold 0.54% stake in the equity share capital of the company.

The Company’s infrastructure development business involves construction, development and operation of infrastructure development projects. It is an established infrastructure company in the roads sector in India and has a large portfolio of completed and operational BOT projects in the Indian road infrastructure sector.

The Company’s construction business complements its infrastructure development business and involves engineering, procurement and construction work for construction project on a contractual basis, including in the roads sector.

Source: indiainfoline.com

Written by ITW Editor · Filed Under Investment and Finance