IL&FS Transporation fixes $154 mn IPO band

IL&FS Transporation fixes $154 mn IPO band

Mumbai: India’s IL&FS Transportation Networks Ltd, a unit of IL&FS, has fixed a price band of Rs242-258 a share for its initial public offer to raise up to Rs7 billion ($154 million), a top official said.

Of the total funds raised, Rs5.3 billion would go into repayment of debt and the remainder for new projects, managing director K. Ramchand told reporters on Monday.

The 100% book built offer opens for subscription on 11 March and closes on 15 March.

The company, providing transportation infrastructure, has an order book of Rs103 billion in road and railway projects.

“We have 11 projects in hand, all to be completed in the next two-and-a-half years," Ramchand said.

It has already commissioned eight projects and is looking to foray into airport and urban mass transit projects, he added.

Enam Securities Pvt Ltd, Nomura Financial Advisory and Securities (India) Pvt Ltd, and JM Financial Consultants Pvt Ltd are the bookrunners of the offering.