Jaypee Infra plans Rs 2,600 crore IPO in two months

Infrastructure company Jaypee Infratech Ltd (JIL), a part of Jaypee Group, has planned to go public with a Rs 2,600-crore IPO in the next two months.

The company has filed the Draft Red Herring Prospectus (DRHP) with the Security Exchange Board of India (Sebi). Confirming the development, sources close to the development said, “While the price band is yet to be decided, the IPO size is estimated to be around Rs 2,600 crore.”

JIL, according to the sources, is also developing five township projects along the Yamuna Expressway. They said, “Work of township projects is in progress. Moreover, JIL is developing a Formula-1 race track in the area and the event will be organised in October this year.”

JIL officials were recently in Rajkot for an investors meet for the upcoming public offer.

The company has the rights for levying toll tax for 36 years on the expressway, which is scheduled to be completed by 2013. However, the expressway could open for traffic well ahead of the schedule, in 2011.