IL&FS Transportation Networks (ITNL) today said it plans to raise Rs 700 crore from its initial public offer and take up international airport development projects in association with the Airports Authority of India.

The price band of the public offer has been fixed between Rs 242 and Rs 258.

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The company also plans to undertake various airport projects with Airports Authority of India (AAI).

"We are looking at international airport projects in association with our strategic technical advisor, Airports Authority of India. We will bid for such projects at the right time," Ramchand said.

Part of the proceeds of the IPO will go towards repaying the debts to the tune of Rs 1,000 crore.

"We have a Rs 1,000 crore debt and plan to repay Rs 530 crore," he said. ITNL filed its draft red herring prospectus (DRHP) with the Sebi on September 29 last year.

ITNL is engaged in road development, which constitutes over 90 per cent of its business. It has won one project each in metro rail and urban bus transportation, he said.

"The feel good factor is back in the market and there is a momentum happening in the road sector. We think this is the right time to hit the capital market," he said.

ITNL has its hands full with several projects at diffrerent stages.

"The company has an order book of Rs 9,000 crore. We have 19 projects under our portfolio and have already completed 9 projects," he said, adding the remaining would be completed within two years.

The issue closes on March 15.

Enam Securities and Nomura Financial Advisory and Securities (India) and JM Financial Consultants are the book running lead managers to the issue. The Co-BRLMs are Avendus Capital and SBI Capital Markets.

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