KNR Constructions IPO Price fixed at Rs 170

Mumbai, January 31, 2008: KNR Constructions Limited (the “Company”), an infrastructure project development company, has fixed the Issue Price at Rs 170 per Equity Share for its Initial Public Offering (“IPO”) of 7,874,570 equity shares of Rs 10 each for cash at a price (“Equity Shares”) determined through a 100% book-building process.

The Issue comprises a Net Issue to the public of 7,734,570 Equity Shares of Rs 10 each and a reservation for eligible employees of up to 140,000 Equity Shares of Rs 10 each. The Issue and the Net Issue respectively constitute 28.00% and 27.50% of the fully diluted post-issue equity share capital of the Company. CRISIL has assigned a CRISIL IPO Grade '3/5' to the IPO.

The Bid/ Issue closed on January 29, 2008 and the Issue got subscribed 1.25 times based on the preliminary bidding data received from the stock exchanges on the closing day.

The Equity Shares are proposed to be listed on the Bombay Stock Exchange Ltd. (“BSE”) and the National Stock Exchange of India Ltd. (“NSE”).

Source : Equity Bulls

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