Corporate News Details
Excel Infoway has opened for subscription today (14th July 2009) with an initial public offering (IPO) of 56,67,000 equity shares of Rs 10 each for cash. Price will be decided through a 100 per cent book-building process. The price band has been fixed at Rs 80-85 per share and the issue will close on 17th July.
The company ha planned to make use of the money received from the issue for setting up new facilities and for strategic investment or joint ventures. Besides, the rest of the money will be used for general corporate purpose and issue expenses.
The company is likely to get approximately Rs 45.34-48.17 crore from the issue. The issue will comprise 26.77 per cent of the fully diluted post issue paid up capital of the company. The promoters holding will be 70.52 per cent post the issue.
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