Public RelationsPatel Engineering raises Rs 344 cr
Patel Engineering, a construction company, has raised Rs 344.32 crore through the fresh issue of shares to qualified institutional buyers (QIBs) at a price of Rs 477.03 per share.
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Rupen Patel, managing director of the company, said, " The funds raised would be used for various expansion plans of the company, its subsidiaries, joint ventures and other bodies corporate wheere the company may hold a stake, meet long term working capital requirements, repay debts and for any other permissible uses."
The leading managers of the issue was Daiwa Securities SMBC, Axis Bank, Nomura Financial, Kotak Mahindra and Antique Capital.
Patel Engineering"s present core operations are in the areas of building hydro-power plants, irrigation, dams and urban infrastructure.
As on June 30, 2009, company had a consolidated order book of Rs 7,349.52 crore. It has bid for projects of worth Rs 9,572.5 crore of which hydro power projects constitutes over 90 per cent.
On the Bombay Stock Exchange, the company"s share prices were trading at Rs 482.20, up 0.82 per cent at IST 1046.