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01-06-2010, 01:00 AM #1
Infinite Ltd's IPO opens on January 11
Infinite Computer Solutions (India) Limited, a global service provider of IT services, is entering the capital market on January 11, with an Initial Public Offering (IPO) of 11.5030 million Equity Shares of Rs. 10 each for cash at a price to be decided through a 100pc book-building process (the Issue).
The price band has been fixed between Rs. 155 and Rs. 165 per Equity Share. The Issue closes on January 13, 2010, said the company on Tuesday.
The Issue consists of a fresh issue of 5.7336 million Equity Shares by the Company and an Offer for Sale of 5.7694 million Equity Shares. The issue will constitute 26.17pc of the fully diluted post issue paid-up capital of the Company.
Upto 50pc of the Issue shall be allocated on a proportionate basis to Qualified Institutional Buyers ("QIBs").
The company may allocate upto 30pc of the QIB Portion to Anchor Investors at the Anchor Investor Issue Price on a discretionary basis, out of which atleast one-third will be available for allocation to Domestic Mutual Funds.
Further, 5pc of the Net QIB Portion shall be available for allocation on a proportionate basis to mutual funds only and the remaining Net QIB portion shall be available for allocation on a proportionate basis to all Qualified Institutional Buyers, including mutual funds, subject to valid bids being received at or above issue price.
At least 15pc and 35pc of the Issue shall be available for allocation on proportionate basis to Non-Institutional Bidders and Retail Individual Bidders subject to valid bids being received from them at or above the Issue Price.
The Equity Shares offered through the Red Herring Prospectus (RHP) of the Company are proposed to be listed on Bombay Stock Exchange Limited (BSE) and National Stock Exchange of India Limited (NSE).
The Book Running Lead Managers (BRLMs) are SPA Merchant Bankers Limited and India Infoline Limited. The syndicate members are SPA Securities Limited, India Infoline Limited, Avendus Capital Private Limited and Reliance Securities Limited.
Infinite's integrated network of delivery facilities across India and the US is complemented by onsite, offsite and near-shore capabilities in major international markets.
It has 14 offices across the globe, including offices in multiple locations in the US, UK, India, China, Malaysia, Singaporeand Australia. It currently has four delivery centers in India - the company-owned facility in Bangalore, and leased facilities in Hyderabad, Gurgaon and Chennai.
Infinite's consolidated revenues were Rs. 3,489.32 million in Fiscal 2006-07, Rs. 3,415.24 million in Fiscal 2007-08 and Rs.4,958.72 million in Fiscal 2008-09. For the six month period ending September 30 for the fiscal 2009-10, Infinite's revenues were Rs.3,181.26 million.
The profit after tax and extraordinary items was Rs. 100.84 million in fiscal 2006-07, Rs. 174.97 million in fiscal 2007-08, Rs. 451.30 million in fiscal 2008-09 and Rs. 371.40 million for the six months period ended September 30, 2009.
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