PNC Infratech

PNC Infratech has filed its DRHP with SEBI on 17/1/2008 to enter the capital market with a public issue of 60 lakh equity shares of Rs 10 each at a premium to be decided through the book building process. The issue comprises a net issue of 5,800,000 equity shares to the public and a reservation of 200,000 equity shares for employees. The issue would constitute 21.73% of the post issue paid-up capital of the company.

The shares are proposed to be listed on the BSE and NSE. Enam Securities is the BRLM to the issue.

The company proposes to use the proceeds from the issue to finance the purchase of capital equipments of Rs 39.91 crore and another Rs 30 crore for investing in JVs/SPVs for BOT projects and Rs 12.16 crore for prepayment of debt and advances.

PNC Infratech, incorporated in 1999, is engaged in the business of providing integrated construction services for infrastructure sector like roads, highways, bridges etd. The company intends to bid for various road projects on a BOT basis for which the company  is contemplating  SPVs or joint ventures to facilitate the execution of such projects. The company has been awarded the tender floated by the Madhya Pradesh Road Development Corporation for development of the Jaora-Nayagaon Road on BOT basis on SH-31 of state highway for which a SPV - Jaora-Nayagaon Toll Road Compay has been formed in which the company has equity participation of 11.5%.

For the year ended 31^st March, 2007, the company posted an income of Rs 243. 82 crore and net profit of Rs 13.21 crore as against Rs 142. 45 crore and Rs 7.63 crore  respectively for FY06. And for the six months ended 30^th September, 2007, the company's income was Rs 154 .41 crore and net profit of Rs 9.26 crore as compared with Rs 94.86 crore and Rs 3.10 crore respectively for the corresponding six months of 2006.