A manufacturer of towers for telecommunication and power sectors, BS TransComm has revised the price band of its initial public offering to Rs 247-257 as against its earlier price band of Rs 257-266 a share, due to lukewarm response from investors. The issue has been subscribed 0.58 times so far, as per the NSE website.
The company has extended the closing date for subscription till October 13 from October 8, 2010 as per a circular available on BSE's website. BS TransComm is offering 76,79,410 equity shares through the IPO.
Bids can be made for a minimum of 25 equity shares and in multiples of 25 equity shares thereafter.
BS TransComm is engaged in the business of providing a range of services to telecommunication infrastructure providers for setting up their passive infrastructure and to power transmission companies for setting up their transmission lines and sub-stations. It is engaged in the manufacturing and supply of telecommunication and transmission towers, substation structures and providing service solutions to the telecommunication infrastructure and power transmission sectors.
Subsequent to its acquisition of SAPL, it is also engaged in the designing, building and deploying of related technology products and solutions to the telecommunications infrastructure sector.
The company has a manufacturing capacity of 1,20,000 MTPA with a backward integrated structural steel plant supporting the raw material required for tower manufacturing. It is currently undertaking a project to expand the manufacturing capacity to 240,000 MTPA.
Issues proceeds are proposed to be used for setting up of manufacturing facilities of telecommunication and power transmission towers under Phase I and Phase II at Majidpally Village, Medak, Andhra Pradesh having an installed capacity of 84,000 MTA and 120,000 MTA respectively; setting up rolling mill plant at Majidpally Village, Medak, Andhra Pradesh under Phase I having an installed capacity of 90,000 MTA; financing margin money for working capital; and for general corporate purposes.
JM Financial Consultants Pvt Ltd is the book running lead manager to the issue and Karvy Computershare Pvt Ltd is the registrar.
Source: Moneycontrol
Source: Moneycontrol
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