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Bharati Shipyard IPO to net $18.3m.

Europe Intelligence Wire

| December 01, 2004 | COPYRIGHT 2004 Financial Times Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

(From Lloyds List)

Byline: Shirish Nadkarni

ONE of India's few private sector shipyards, Bharati Shipyard, is entering the capital market on December 2 with a public issue of 12.5m equity shares with a face value of Rs10 ($0.34) each, at a hefty premium, via the book-building route .

Investors will be required to bid for each share in the price band of Rs55 to Rs66 before December 8, the closing date of the issue.

Should bids be accepted at the top of the band, the company will garner Rs825m ($18.3m) for the current offering, which will constitute 55.56% of the fully diluted post-issue paid-up capital.

The funds raised are to be used to finance Bharati Shipyard's expansion plans, to enhance its shiprepair capabilities and also to ...

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