Infinity Infotech Parks, a joint venture company with the government of West Bengal, has filed its IPO with SEBI on 26/12/07 to enter the capital market with an a public offer of 45 lakh equity shares of Rs 10 each at a premium to be determined at a later date by the book building process. The issue will constitute 18.75% of the fully diluted post offer paid up capital of the company.
IL&FS Investment Securities and AnandRathi Securities will act as BRLMs to the issue. The company proposes to list the shares on BSE and NSE.
The company is an IT/ITeS infrastructure provider with a key focus in the eastern region of India. In 1995, the company formed a strategic alliance with West Bengal Electronics Industry Development Corporation with the objective of creating IT/ITes infrastructure, offering a complete of services to both IT related and enabled companies. The company has pioneered the concept of 'Intelligent-Workshop' in the state of West Bengal. Currently the company has close to 7 million sq ft of land partly competed and partly under development. The company is currently in the expansion process of its IT parks portfolio and has identified sites with potential development of more than 35 million sq ft. The company also has plans ot develop mass housing projects in the state.
The company proposes to use the proceeds from the issue to finance its Rs 169 crore construction and development projects - viz Infinity Benchmark & Infinity BNKe and to invest Rs 23.05 crore in subsidiary Infinity Township Pvt Lte for development of its project - Guwahati Mall.
For the year ended 31st March, 2007, the company posted a net income of Rs 10.71 crore and a net profit of Rs 1.77 crore compared with Rs 9.42 crore and Rs 1.11 crore respectively for FY06. For the period ended 30/6/07, the company posted income of Rs 2.70 crore and net profit of Rs 35 lakhs.