IRB Infrastructure Developers Limited, an infrastructure and construction company in India with extensive experience in the roads and highways sector and currently involved in 12 BOT projects in this sector, proposes to enter the capital markets on 31st January 2008 with a public issue of 5,10,57,666 Equity Shares of Rs 10 each through 100% book building process. This includes reservation of up to 125,000 Equity Shares for subscription by eligible employees. The Issue closes on 5th February 2008 and the price band has been fixed at Rs 185 to Rs 220 per Equity Share of Rs 10 each. The Issue will constitute 15.36% of the fully diluted post-issue equity share capital of the Company. The Equity Shares are proposed to be listed on the BSE and the NSE. The company filed a Red Herring Prospectus (RHP) with the registrar of companies (ROC) on January 14th , 2008 .

The Issue has been assigned a grade of 4 (ind) out of a maximum of 5 (ind) by Fitch Ratings India Private Limited, a credit rating agency registered with the Securities and Exchange Board of India (“SEBI”), indicating that the fundamentals of the Issue are above average, relative to other listed equity shares in India. Deutsche Equities India Private Ltd is the Sole Global Coordinator and BRLM for the Issue and Kotak Mahindra Capital Co. Ltd is the Co-BRLM for the Issue.

The Company proposes to utilize the net proceeds of the Issue for investment in subsidiary IDAA; prepayment and repayment of existing loans of the Company and the subsidiaries Aryan Toll Road Pvt. Ltd, Modern Road Makers Pvt. Ltd, Thane Ghodbunder Toll Road Pvt. Ltd, NKT Road & Toll Pvt. Ltd and Mhaiskar Infrastructure Pvt. Ltd.

Currently, the Company’s shareholders include amongst others Deutsche Bank AG, Hong Kong Branch, Jade Dragon (Mauritius) Limited, and CPI Ballpark Investments Limited. Jade Dragon (Mauritius) Limited and CPI Ballpark Investments Limited are subsidiaries of Goldman Sachs and Merrill Lynch, respectively. Further, its infrastructure projects have been financed by various leading banks and financial institutions including the State Bank of India, Canara Bank, Union Bank of India, IDBI, Bank of India, Indian Overseas Bank, UCO Bank, Andhra Bank, Corporation Bank, Bank of Baroda and the Bank of Maharashtra.

IRB Infrastructure Developers is currently involved in 12 BOT projects in the roads and highways sector. Out of these projects, 11 projects are in the “operational” phase, i.e., engineering, procurement and construction phases have been completed on these projects and the project SPVs are currently earning revenues from toll collection under the relevant concession agreements. Among these completed projects one of the project is the concession rights to the Mumbai – Pune Corridor including the Mumbai Pune Expressway upto August 2019. One of the BOT projects involves four to six laning under NHDP Phase V on the Bharuch to Surat section of NH 8 project granted by NHAI in July 2006 to IDAA, one of its SPVs. is in the “under – construction” phase

IRB Infrastructure has recently diversified into the real estate development sector and it is in the process of acquiring land in the Pune district in Maharashtra on which it proposes to develop an integrated township. The proposed township project is in its preliminary stages of planning and development and will be its first real estate development project. Currently, the Company’s Land Reserves consist of approximately 925 acres of land in the Mauje Taje and Mauje Pimploli Taluka in Pune district, and it intends to acquire an additional approximately 475 acres of land for its proposed township project.

In fiscal 2007, the consolidated total income of the Company was Rs. 325.08 crores and it earned consolidated net profit, as restated, of Rs. 29.96 crores. In the five months ended August 31, 2007, consolidated total income was Rs. 285.26 crores and it earned consolidated net profit, as restated, of Rs. 36.38 crores in this period.

Sourced From: Concept Public Relations India Pvt. Ltd

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