Simplex Projects Ltd will hit capital market on July 10

New Delhi, July 8 :Simplex Projects Ltd a leading construction company will hit the capital market on July 10 with its Initial Public Offer to raise up to Rs 55 crore to fund acquisition of plant and machinery and meet the working capital requirement.

The company proposes to issue 30 lakh equity shares of Rs 10 each through 100 per cent book building process, a company release said.

Simplex has fixed the price at Rs 170-185 per share and would raise 51 crore at lower end of the band. The issue closes on July 13.

The net issue would constitute 25 per cent of the fully diluted post-issue paid up capital of the company. UTI Securities is the book running lead manager of the issue.

The company proposes to deploy the net proceeds of the issue to augment long-term working capital requirement, acquire plant and machineries and invest in subsidiary – Simpark Infrastructure Ltd, the release said.

The investment in subsidiary would be for the purchase of design and technology of semi and fully automated multi-level parking systems for setting up of a fabrication unit.

The company has achieved a total income of Rs 136.24 crore and net profit of Rs 10.49 crore in 2006-07 fiscal.

Related posts:

• Reliance Power IPO subscribed over 9 times
• Market signals mixed as Wall Street reopens after July 4 holiday
• Union Cabinet approves enhancement of capital requirement of SBI
• Chidamabaram admits to suspected terror investments in capital market
• SBI plans to raise Rs 50,000cr
• DLF debuts at bourses
• Union Cabinet approves winding up of Bharat Yantra Nigam Limited
• Lotus India AMC, a joint venture between Fullerton Fund Management Group and Sabre Capital Worldwide
• Stock market revives following Chidambaram’s statement (Lead:Markets-Stock Market)
• Sanghi Industries to double TMT steel capacity
• Falcon registers 26% growth, reports Rs3.96 cr net profit
• Government to sell NTPC’s 5 % stake by February 3
• Himalaya International Ltd. enters nutraceuticals and dietary supplements market
• Trikona Capital announces Special Economic Zone approval
• Commonwealth Games projects will be completed in time : Centre