Date:04/11/2006 URL: http://www.thehindu.com/2006/11/04/stories/2006110402401700.htm

Business

Lanco Infratech to tap market

Corporate Reporter

Price band fixed between Rs. 200 and Rs. 240 per share

CHENNAI: Lanco Infratech, which has interests in power generation, construction and property development, is entering the capital market with an initial public offer of 4.45 crore equity shares of Rs. 10 each with a price band of Rs. 200 to Rs. 240.

The issue will be open from November 6 to 10. Part of the issue proceeds will be deployed in its subsidiaries, which are at various stages of development, to subscribe to the equity capital of the Nagarjuna Power Project and to make payment for acquisition of equity stake in Aban Power. Addressing presspersons here on Friday, G. Bhaskara Rao, Vice-Chairman, said the company along with its subsidiaries and Lanco Kondapalli was operating 518 MW of power plants.

In addition, the company was implementing various power projects aggregating 3,275 MW of capacity in Chhattisgarh, Mangalore, Anpara (UP), Sikkim, Himachal Pradesh and Uttaranchal.

The company has entered into an MoU with the Orissa Government to set up a 2 x 660 MW power plant in the State, Mr. Bhaskara Rao said.

In the property development business, the company will develop 19.5 million sq. ft. of salable area, comprising a 100 acre integrated IT park and township and a 21.8 acre residential area located in Hyderabad, according to P. Panduranga Rao, Director and CEO of the company.

Besides, the company has won a bid to develop an IT Park and township on a 10.7 acre plot in Visakhapatnam, he said.