IVRCL to issue bonus shares, to raise Rs1000 crore via QIP route
15 Apr 2010
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Infrastructure development company IVRCL Assets & Holdings said today that it would issue bonus shares in the ratio of 1:2 to shareholders and raise Rs1,000 crore through private placement of shares.
The company board has approved issue of bonus shares in the ratio of one share against every two held by the company's equity shareholders, IVRCL Assets & Holdings (formerly IVR Prime Urban Developers Ltd), it said in a filing to the Bombay Stock Exchange.
In its filing the board said it has also decided to raise Rs1,000 crore through qualified institutional placement (QIP) with potential buyers in one or more tranches to increase the company's net worth and enable it to bid for large infrastructure projects.
The proposals would need to be approved by shareholders who will be meeting on 10 May.
The company currently has on hand infrastructure projects worth over Rs7500 crore under implementation. The equity investment is estimated at around Rs1,100 crore to be invested over a three year period by way of internal accruals, debt, sale of land and equity raising.
The group is pre qualified for over Rs250 billion in highways and also plans to take up development of other infrastructure assets in water, power, ports and crude oil tankages.
Meanwhile, S Ramachandran has been appointed as the managing director by the board.
The company board has approved issue of bonus shares in the ratio of one share against every two held by the company's equity shareholders, IVRCL Assets & Holdings (formerly IVR Prime Urban Developers Ltd), it said in a filing to the Bombay Stock Exchange.
In its filing the board said it has also decided to raise Rs1,000 crore through qualified institutional placement (QIP) with potential buyers in one or more tranches to increase the company's net worth and enable it to bid for large infrastructure projects.
The proposals would need to be approved by shareholders who will be meeting on 10 May.
The company currently has on hand infrastructure projects worth over Rs7500 crore under implementation. The equity investment is estimated at around Rs1,100 crore to be invested over a three year period by way of internal accruals, debt, sale of land and equity raising.
The group is pre qualified for over Rs250 billion in highways and also plans to take up development of other infrastructure assets in water, power, ports and crude oil tankages.
Meanwhile, S Ramachandran has been appointed as the managing director by the board.
