Icore to hit capital mkt with Rs 500 cr public issue

City-based ICore E-Services is planning to hit the capital market with a public offer, which could be around Rs 500 crore to part finance its expansion projects.

"We are preparing to hit the capital market and by April we will file our application with (market regulator) Securities and Exchange Board of India and we hope to hit the market by June," Icore Managing Director Anukul Maity told PTI.

"We have not yet decided how much we will raise from the market, but it is likely to be around Rs 500 crore," he said.

The company said it was already into cement, steel, paints and retail.

 

The company said it had lined up a slew of FMCG products beside expansion into steel and cement making.

Icore had also roped in ace cricketer Harbhajan Singh as the brand ambassador for its new launch of toothpaste.

Maity said it had drawn up plans for cement grinding units in Tripura and Orissa. "We have received 30 acres land in Bhujannagar Industrial Estate to build a Rs 700 crore cement factory."

Speaking about the Orissa project, he said "we have raised the project to 2 lakh cement bags per day, steel plant and bricks."

"The combined cost will be Rs 3,000 crore in Orissa and we have received 80 acres of land for the purpose... We are planning for new malls in Mumbai and second tier cities of West Bengal," Maity said.

Meanwhile, he claimed that permission from Reserve Bank of India and National Housing Board had been received for a NBFC on housing finance--ICore Housing Finance Corporation Ltd and will begin commercial operation from December 2010.