ARSS Infra Project IPO to open on Feb 8

Orissa-based construction company ARSS Infrastructure Project today said its initial public offer (IPO) will open on February 8.

"The bid will open on February 8 and close on February 11," the company's Finance Director S K Patnaik told media here.

"The company has fixed the price band between Rs 410 and Rs 450 per equity share for an IPO of equity share of Rs 10 each for cash at a price to be decided through 100 per cent book-building process," he said.

The construction firm proposes to use Rs 500 lakh of the proceeds raised from the IPO for investment into forming joint ventures and for projects which have not yet been awarded to the company, Patnaik said.

"We expect to generate profits by execution of projects as a result of such investments and work orders that would be receive through the credential of joint venture partners," Patnaik added.

ARSS Infrastructure Project is engaged in construction of roads, highways, bridges, irrigation projects etc.