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Patel Engineering raises Rs 3,443.23 million

Business

Patel Engineering Ltd has announced that it has raised Rs 3,443.23 million through the issue of fresh issue of shares to qualified institutional buyers (QIBs) at a price of Rs 477.03 per share. The issue was lead managed by Daiwa Securities, SMBC India Pvt Ltd, Axis Bank Ltd, Nomura Financial Advisory & Securities (India) Pvt Ltd, Kotak Mahindra Capital Company Ltd and Antique Capital Markets Ltd.
Rupen Patel, managing director, Patel Engineering said: “The funds raised would be used for various expansion plans of the company, its subsidiaries, joint ventures and other bodies corporate where the company may hold a stake, meet long-term working capital requirements, repay debts and for any other permissible uses.”
Patel Engineering’s present core operations are in the areas of building hydro-power plants, irrigation dams and urban infrastructure. As on June 30, 2009, company had a consolidated order book of Rs 73,495.20 million. It has bid for projects of approximately Rs 95,725 million, of which hydro power projects constitutes 92.80%.
Meanwhile, it is also scaling up its asset ownership business in power and real estates. In its power vertical;, it is in process of setting up a 1,320 MW thermal power plant at Nagapatnam District in Tamil Nadu and 90 MW hydro power project at Gongri, Arunachal Pradesh.
The company has a historical land-bank of over 1,100 acres in various states. The company has developed a commercial office, “Patel Corporate Park” located in Mumbai. Further, the company has received formal approvals from the Ministry of Commerce and Industry, Department of Commerce, SEZ Section for setting up two IT and ITES SEZ projects on land measuring 63.01 acres and 25.37 acres respectively.

About Patel Engineering Ltd(BSE: 531120, NSE: PATELENG, Bloomberg: PEC IN, Reuters: PENG.BO)
An ISO 9001-2000 certified company set up in 1949, Patel Engineering is construction company specialising in hydro-power generation and irrigation segment. It has executed projects in the field of tunnelling, underground works for hydroelectric & irrigation projects, nuclear and thermal power projects, bridges and marine works and public health projects. Patel Engineering has till date completed over 175 km of tunnelling work, 78 Dams, and 40 hydroelectric projects in India and over 30 micro tunnelling projects in India and US. Patel Engineering is one of the few Indian companies in this segment, which have presence in the US market. The company has two wholly-owned subsidiaries namely, ASI RCC Inc and Westcon Microtunnelling Inc. for undertaking and executing complex projects in various parts of the world.

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