Tecpro Systems fixes issue price at 
340-355 a share
Bangalore: Tecpro Systems, a material handling company, has opened its public offer of 75.5 lakh shares for subscription and has fixed a price band at 
340-355 a share. For QIB bidders, the issue will close for subscription on September 27 and for non-QIB bidders September 28 would be the last day. Bids can be made for a minimum of 15 equity shares and in multiples of 15 shares thereafter.
The public offer comprises a fresh issue of up to 62.5 lakh equity shares and an offer for sale of up to 13 lakh shares by Metmin Investments Holdings. Apart from that the offer comprises a net offer to the public of 73.5 lakh shares and a reservation of 2 lakh equity shares for subscription by eligible employees. The issue shall constitute 14.96 percent of the post-offer share capital of company.
Proceeds from fresh issue will be used for working capital requirements and general corporate purposes. However, company will not receive any proceeds of the offer for sale by the selling shareholder.
The company is engaged in providing turnkey solutions in material handling, ash handling, balance of plant and engineering, procurement and construction contracts. In material handling solutions business, the company does design, engineer, manufacture, sell, commission and service a range of systems and equipment for the core infrastructure related sectors like power, steel, cement and other industries.
In the year ended March 31, 2010, the company posted net profit of 108.49 crore, up by about 97 percent year on year. The company derives a significant portion of its revenue from a few customers. Payments from its top 10 customers constituted 68.39 percent, 65.70 percent and 66.72 percent of its income from operations for fiscal 2010, 2009 and 2008, respectively.
SBI Capital Markets and Kotak Mahindra Capital Company are the book running lead managers to the issue. Link Intime India is the registrar.
340-355 a share. For QIB bidders, the issue will close for subscription on September 27 and for non-QIB bidders September 28 would be the last day. Bids can be made for a minimum of 15 equity shares and in multiples of 15 shares thereafter.
The public offer comprises a fresh issue of up to 62.5 lakh equity shares and an offer for sale of up to 13 lakh shares by Metmin Investments Holdings. Apart from that the offer comprises a net offer to the public of 73.5 lakh shares and a reservation of 2 lakh equity shares for subscription by eligible employees. The issue shall constitute 14.96 percent of the post-offer share capital of company.
Proceeds from fresh issue will be used for working capital requirements and general corporate purposes. However, company will not receive any proceeds of the offer for sale by the selling shareholder.
The company is engaged in providing turnkey solutions in material handling, ash handling, balance of plant and engineering, procurement and construction contracts. In material handling solutions business, the company does design, engineer, manufacture, sell, commission and service a range of systems and equipment for the core infrastructure related sectors like power, steel, cement and other industries.
In the year ended March 31, 2010, the company posted net profit of 108.49 crore, up by about 97 percent year on year. The company derives a significant portion of its revenue from a few customers. Payments from its top 10 customers constituted 68.39 percent, 65.70 percent and 66.72 percent of its income from operations for fiscal 2010, 2009 and 2008, respectively.
SBI Capital Markets and Kotak Mahindra Capital Company are the book running lead managers to the issue. Link Intime India is the registrar.