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| Vascon IPO likely to hit captial mkt by early 2010 |
| Press Trust of India / Mumbai Nov 26, 2009, 20:10 IST |
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Engineering procurement and construction company Vascon Engineers, which also has realty business today said it has planned to issue 1.08 crore shares through an initial public offer (IPO), expected to hit the market by early 2010.
"We have filed our draft red herring prospectus with Sebi for our IPO and are waiting for approval. We plan to offload 1.08 crore shares through the IPO," Vascon Engineers Managing Director R Vasudevan told PTI here today.
He did not divulge how much the company intended to raise through its IPO.
The IPO proceeds will be used to fuel growth of the company, repay its debts and its construction and EPC contracts, he said.
Giving details, Vasudevan said that Rs 39.63 crore would be used for repayment of loans, Rs 136.50 crore for its construction and EPC contracts and the balance for the company's growth.
Post the issue, promoter holding would reduce to 38.41 per cent from the present 43.81 per cent.
The company clocked a gross sales of Rs 519.7 crore and a PAT of Rs 19.26 crore in FY09.
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