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Ashoka Buildcon IPO opens Sep 24, 2010

Business

Ashoka Buildcon Ltd (the ‘Company’) proposes to open on September 24, 2010, an initial public offer of equity shares of Rs10 each (‘Equity Shares’) for cash at a Price Band fixed between Rs297 and Rs324 per equity share aggregating up to Rs225 crore (the ‘Issue’). The Issue includes a reservation of Equity Shares of Rs. 10 each for the eligible employees.
Bids can be made for a minimum of 21 Equity Shares and in multiples of 21 Equity shares thereafter. This Issue has been graded by CRISIL Ltd as CRISIL “IPO Grade 4/5” indicating that the fundamentals of the IPO are above average relative to the other listed equity securities in India.
The Issue will close on September 28, 2010. Anchor Investors, if any, shall submit their Bids on the Anchor Investor Bidding Date, which will be one Working Day prior to the Bid Opening Date.
This Issue is being made through the 100% Book Building Process wherein at least 60% of the Net Issue shall be allocated on a proportionate basis to Qualified Institutional Buyers (“QIB”) Bidders. Further, 5% of the QIB Portion (excluding Anchor Investor Portion) shall be available for allocation on a proportionate basis to Mutual Funds only, and the remainder of the QIB Portion shall be available for allocation on a proportionate basis to all QIB Bidders, including Mutual Funds, subject to valid Bids being received at or above the Issue Price.
Further, not less than 10% of the Net Issue shall be available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 30% of the Net Issue shall be available for allocation on a proportionate basis to Retail Individual Bidders, subject to valid Bids being received at or above the Issue Price. Potential investors may participate in this Issue through an Application Supported by Blocked Amount providing details about the bank account which will be blocked by the Self Certified Syndicate Bank for the same.
The Equity Shares offered through the Red Herring Prospectus (“RHP”) are proposed to be listed on the National Stock Exchange of India Ltd (“NSE”) and the Bombay Stock Exchange Ltd (“BSE”).
The Book Running Lead Managers to the Issue are Enam Securities Private Limited and IDFC Capital Limited. The Co-Book Running Lead Manager to the Issue is Motilal Oswal Investment Advisors Private Ltd.

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