Tecpro Systems allots shares to eight anchor investors
By IANSThursday, September 23, 2010
CHENNAI - Material handling company Tecpro Systems will hit the capital market Monday with an initial public offering (IPO) to raise around Rs.268 crore.
The company has allotted 13,23,000 shares at Rs.355 per share (face value Rs.10) to eight anchor investors.
Three anchor investors- Birla Sun Life Infrastructure Fund, Emerging Markets South Asian Starts Fund and Franklin India Smaller Companies Fund- have been allotted 19.6 percent of the portion allocated for the anchor investors.
The IPO comprises fresh issue of shares as well as the offer of sale of around 1.3 millon shares held by Metmin Investments Holdings Ltd.
Post issue, Metmin Investments’ stake will come down to 8.5 percent from the current 12 percent.
Briefing reporters about the issue here Thursday, Ajay Bishoni, chairman and managing director, will use the issue proceeds for working capital needs.
The company is engaged in providing turnkey solutions in material handling, ash handling, balance of plant and engineering, procurement and construction contracts.
He said the order book position of the company as on July is around Rs.2,311 crore. Tecpro has bagged overseas orders worth Rs.64 crore from Vietnam and Rs.22 crore from Indonesia.
For the year ended March 31, 2010 the company had reported a turnover of Rs.1,478 crore and an after tax profit of Rs.109 crore.
