Jaypee Infratech fixes price band at Rs 102-117 per share

Jaypee Infratech, which has undertaken the Yamuna Expressway project, today said it has fixed the price band of its initial public offer (IPO) at Rs 102-117 per share.

"The price band will be Rs 102-117 per share. We have kept the lowest price and we expect a good response," the company's founder Jaiprakash Gaur told reporters here.

The company's Rs 2,262-2,352-crore IPO will open on April 29, the firm's chairman Manoj Gaur said.

The issue will close on May 4 and is based on 100 per cent book-building process.
    
The IPO will consist of a fresh issue of equity shares aggregating up to Rs 1,650 crore and an offer for sale of six crore shares by the promoters of Jaiprakash Associates Ltd.
    
The proceeds of the IPO will be utilised to part-finance the Expressway project and partly for other corporate purposes, Gaur said.
    
The company has undertaken the development of the 165 kilometre-long Yamuna Expressway, connecting Greater Noida and Agra and development of five integrated townships.
    
The Expressway project is expected to be completed by 2011.
    
Morgan Stanley India Company Pvt Ltd, DSP Merrill Lynch (BofA Merill Lunch), Axis Bank, Enam Securities, ICICI Securities, IDFC Capital, JM Financial Consultants, Kotak Mahindra Capital and SBI Capital Markets are the book-running lead managers to the issue.