Prakash Constrowell plans to raise Rs60 crore via IPO

Prakash Constrowell proposes to utilise the net proceeds of the IPO to meet working capital requirement and investment in subsidiaries

Prakash Constrowell, a company predominantly engaged in infrastructure development and civil construction business, proposes to enter the capital markets with a public issue of equity shares to raise Rs60 crore through 100% book building process.

The issue opens on 19th September and closes on 21st September. The construction company is expected to announce the price band and minimum bid lot prior to the issue opening date, Prakash Constrowell's director, Prakash Laddha said.

The Nasik-based company proposes to utilise the net proceeds of the issue to meet working capital requirement, investment in construction equipments and investment in subsidiaries, Laddha said.

The company operates in the three segments of construction namely infrastructure development, civil construction and residential and commercial real estate construction.

As of 30 June 2011, its order book, was Rs150.81 crore and is spread across the construction sectors in which it operates, Laddha said. The company has successfully completed number of projects awarded by government and semi-government bodies, build, operate & transfer (BOT) project by way of public-private partnership (PPP) model.

The company's income from operations on a consolidated basis as per the restated financials has grown from Rs26.40 crore in the year 2007-08 to Rs126.91 crore in the year 2010-11, registering a compounded annual growth rate (CAGR) of 68.77% over the period of past four financial years. Its profit after tax on a consolidated basis has grown from Rs3.06 crore in the year 2007-08 to Rs10.65 crore in the year 2010-11, a CAGR of 51.47%.

Intensive Fiscal Services Pvt Ltd is the sole Book Running Lead Manager to the issue. The equity shares of the company are proposed to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

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IDRBT & ISACA sign MoU for benefit of Indian banking

ISACA is an international body, working in the fields of information systems control, audit, security and governance

The Institute for Development and Research in Banking Technology (IDRBT), a banking technology institute established by the Reserve Bank of India, has signed a memorandum of understanding (MoU) with ISACA (formerly the Information Systems Audit and Control Association) for joint activities in IT governance, information systems audit, information security and information systems risk management.

ISACA is an international body, working in the fields of information systems control, audit, security and governance. The MoU was signed by B Sambamurthy, director, IDRBT, and Ken Vander Wal, ISACA International President.

Sambamurthy said on this occasion that "Information is a key operating and strategic asset for banks. Effective management of information is a key critical success factor. On one hand, banks have to ensure privacy of customer information. On the other, decision making needs to be information-led. Banks need to adopt international standards and best practises. The MoU will help in disseminating standards, best practises and frameworks."

"ISACA and its nearly 6,000 members in India are committed to helping organisations strengthen their governance of enterprise IT," said Vander Wal.
"Information and the technology that supports it are key assets, and proper governance of those assets can add significant business value."

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ICICI Pru MF floats Fixed Maturity Plan-Series 59-1 Year Plan E

ICICI Pru MF new issue closes on 20th September

ICICI Prudential Mutual Fund has launched ICICI Prudential Fixed Maturity Plan-Series 59-1 Year Plan E, a close-ended income scheme.

The investment objective of the scheme is to generate regular returns by investing in a portfolio of fixed income securities/debt instruments maturing on or before the maturity of the plan under the scheme.

The new issue closes on 20th September. The minimum investment amount is Rs5,000.

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