Austral Coke & Projects

NEW IPO (NSE): Austral Coke & Projects


Austral Coke & Projects


Issue open / close 07-08-2008/13-08-2008
Listing BSE/NSE


Expanding capacity of LAM coke

The other three segments of operations include refractory, textile and equipment rental

Promoted by Ratan Lal Tamakhuwala and Rishi Raj Agarwal, Austral Coke & Projects was originally incorporated as NRE Stocknet on 22 April 1994. It got its present name from 14 September 2005. Main activity comprises manufacturing of low ash metallurgical (LAM) coke and refractory, trading of textile and providing rental of construction/ earthmoving machineries to medium/large construction companies.

The objective of Austral Coke’s IPO is to set up a Rs 78.12-crore 1,50,000-tonne per annum LAM coke plant at Sindhudurg in Maharashtra and a Rs 30.77-crore 8-MW captive power plant at Sindhudurg, to acquire coal mines to bag more prospecting mining licenses at a cost of Rs 40 crore, and prepayment of high cost debt amounting to Rs 2.54 crore. The company expects commercial production to start from April 2009. The expanded capacity of LAM coke shall be 5,25,000 tonnes per annum. A LAM coke plant with an initial capacity of 50000 tonnes per annum was started in 2004.

The four primary reporting segments of Austral Coke are: LAM coke, refractory, textile and equipment. Lam coke formed 54.7% of the total revenue at Rs 123.97 crore, refractory 0.4% at Rs 0.84 crore, textiles 18.6% at Rs 42.26 crore, and equipment 26.3% at Rs 59.59 crore in the 11 months of the fiscal year ended March 2008 (FY 2008).

In a pre-IPO placement, Somerset India Fund was issued 27.40 lakh shares at a price of Rs 196 per share totaling Rs 53.70 crore.

Strengths

Can take advantage of the significant gap between the price of imported coke and Indian coke. Coke prices have spurted in recent months owing to increased demand from the downstream steel sector and limited supplies.

Also proposes to convert waste heat generated to power to operate its coke oven plant. Surplus power would be sold.

Weaknesses

Coke is a cyclical business. Currently coke prices are high.

The promoter group has other companies operating in similar line of business and short-term MOUs have been entered with them to allocate activities.

Corporate guarantees of Rs 103.15 crore on behalf of group companies Gremach Infrastructure and Armstrong Infrastructure.

Valuations

At the price band of Rs 164 -Rs 196, the annualised EPS for the 11 months ended February 2008 on post-issue equity (green shoe option not exercised) works out to Rs 13.2 and PE 12.4-14.8, while the annualised EPS for the 11 months ended February 2008 on post-issue equity (green shoe option exercised) works out to Rs 12.7 and PE 12.9-15.4. The largest listed player Gujarat NRE coke is trading at a TTM PE of 16.6.

Austral Coke & Projects: Issue Highlights

Sector Coke/Metallurgical Coke
Sector TTM P/E 16.3
No. of shares fresh issue (green shoe option not exercised) (in lakh) 72.60
No. of shares fresh issue (green shoe option exercised) (in lakh) 83.49
Price band (Rs) 164-196
Post-issue equity (green shoe option not exercised) (Rs crore) 29.03
Post-issue equity (green shoe option exercised) (Rs crore) 30.12
Post-issue promoter stake (green shoe option not exercised) (%) 65.56
Post-issue promoter stake (green shoe option exercised) (%) 63.18
Austral Coke & Projects Rating 37/100

Resurgere Mines and Minerals

NSE NEW IPO : Resurgere Mines and Minerals

Resurgere Mines and Minerals

Mining iron ore

IPO is to part finance purchase of machinery and railway rakes

Promoted by Subhash A Sharma and his wife, Resurgere Mines and Minerals (RMMIL) is in the business of extraction, processing and sale of mineral products and exploration and development of mining assets. The product range includes various forms of iron ore such as Lump ore, Size ore, Calibrated Lump ore (CLO) and iron ore fines etc. and bauxite. The company sells all these products domestically except iron ore fines, which the company exports to China.

The company currently operates in Nuagaon, Kendujhargarh district (Reserve - 12.37 million tonnes) and Maharajpur, Mayurbhanj district (Reserve - 42.08 million tonnes) in Orissa and is expected to commence operations at Tatiba mine in Singhbhum district of Jharkhand (Reserve - 20.37 million tonnes) in the near future. The company has entered in to long-term contracts for these mines, Nuagoan, Tatiba and Maharajpur, with the leaseholders for raising and purchasing of iron ore. All the three mines carry high quality iron ore of about 62% - 64% Fe content.

The present operations at the Nuagoan Mines and the Jharkhand Mines are being carried out under deemed renewal provisions since the respective Mining Leases have expired, prior to the expiry whereof the respective applications for renewals of the Mining Leases have been made to the State Government and are pending consideration.

The company has also made an application to the Collector of Sindhudurg district for the grant of an iron ore mining lease over an area of 108.77 hectares in village Banda, District Sindhudurg in Maharashtra, wherein company’s application is under process. The company has also applied for two prospecting leases of iron ore in Banda region to the Collector of Sindhudurg district.

Furthermore the company is also engaged in merchant export of iron ore fines to China.

Through its wholly owned subsidiary M/s. Warana Minerals Private (WMPL), the company holds 60% interest in a registered partnership firm, Shri Warana Minerals which is engaged in the business of mining bauxite ore under the 30 year mining lease with respect to a bauxite mine situated in Yelwan Jugai, Maharashtra.

The mining assets of the Company, except Banda mine, have cumulative estimated reserve of 74.82 million tonnes of iron ore and 4.92 milllion tonnes of bauxite as certified by Central Mining Research Institute.

RMMIL proposes to enter the capital markets with a public issue of 4450000 Equity shares of Rs 10 each through 100% book building process. The price band has been fixed at Rs 263 to Rs 272 per Equity share of Rs 10 each.

The Company proposes to utilize the net proceeds of the Issue to part finance its plan for purchase of Plant and Machinery valued at Rs 128.56 crore for setting up of its own extraction and crushing facilities at the mines and purchase of 6 railway rakes worth Rs 116.36 crore to set up own logistics infrastructure facilities, besides meeting margin money requirement for working capital (Rs 18.25 crore), Provision for contingencies and Pre Operative expenses (Rs 8.24 crore), General corporate purpose (Rs 10 crore) and Issue expenses.

Besides the proceeds of the issue, the Company proposes to finance the cost through term loans of Rs 86 crore to be raised from banks, Rs 43 crore through Private Equity funding from Merrill Lynch International and Rs 13.75 crore through Pre-IPO allotment.

Merrill Lynch International holds 3000000 Equity shares, India Business Excellence Fund-I holds 910000 Equity shares, IL&FS Trust Co. (Trustees of Business Excellence Trust-India Business Excellence Fund) hold 402500 Equity shares, Mr Motilal Oswal hold 250000 Equity shares and Mr. Raamdeo Agarwal holds 200000 Equity Shares in the Company.

On Dec.’07, Merrill Lynch International has been allotted 3000000 shares of the Company for a total consideration of Rs 63 crore (Rs 210 per share). On Feb’08, IL&FS Trust Co. (Trustees of Business Excellence Trust-India Business Excellence Fund) and India Business Excellence Fund I subscribed to 550000 Equity Shares at Rs 250 per Equity Share for a total consideration of Rs 13.75 crore. Mr Motilal Oswal hold 250000 Equity shares and Mr. Ramdeo Agarwal holds 200000 Equity Shares in the Company at a price of Rs 210 per share

Strengths

The iron ore industry is currently in the midst of favorable conditions, on the back of robust demand scenario. However prices are already high and may be near the peak of the cycle.
Weaknesses

The company is operating on mines wherein the lease has either already expired or is about to expire in a short period of time. The mining leases of Nuagaon and Tatibha have already expired, while that of Maharajpur is due for expiry in April 2009. Even though the applications for renewal have already been made, the possibility of non-renewal in favour of existing leaseholders cannot be ruled out.
The company’s selling strategy has been to sell only in the spot market and it sells most of its output to traders, hence, it currently does not enjoy any long-term relationship with any of its buyers. This also exposes the company to volatility in spot prices.
Valuation

At a price band of Rs 263– 272, RMMIL’s P/E works out to 11.3 – 11.7 times FY 2008 earning on post-IPO equity. Sesa Goa, which is a leading company within the sector, trades at P/E of 8.4 times FY 2008 earnings.

Resurgere Mines and Minerals: Issue Highlights

Sector Mining / Minerals
Price Band (Rs) 263-272
Post-issue promoters’ and promoter group stake (in %) 56.12
Issue open / close 11-08-2008/13-08-2008
Listing BSE and NSE
Rating 39/100

Nu Tek India

New NSE IPO
Nu Tek India

Nu Tek India

Issue Opens: 29-07-08
Issue Closes : 01-08-08

Lower Price Band (Rs):170
Upper Price Band (Rs):192

Focused on network infrastructure space

The north India based company strengthening its presence in eastern and southern regions

Incorporated in 1993, Nu Tek India (Nu Tek) was promoted by a first-generation entrepreneur, Inder Sharma, a BE Electronics and Communication Engineer from North Carolina State University, US. Nu Tek is a telecom infrastructure services provider, offering Infrastructure rollout solutions for both mobile and fixed telecommunication networks. The company offers services to telecommunication equipment manufacturers, telecom operators as well as third party infrastructure leasing companies in installing and maintaining telecom network equipment and Infrastructure.

From end-to-end solutions ranging from telecom network installations to full turnkey infrastructure rollout services, Nu Tek also provides technical support services and operation and maintenance to its clients. The company has executed projects in all the 23 telecom circles in India through its workforce of over 1,000 employees across India. It is also registered with the Department of Telecommunications (DoT) as a telecom infrastructure provider (category – 1).

A subsidiary in Turkey will mark Nu Tek’s foray into the overseas markets. The Middle East operations of Ericssion AB, Dubai, will also be serviced by the company. It is in the process of acquiring companies / entities in the US that will compliments its requirements. Work orders of a Rs 4.82-crore Tata Projects relating to the power sector in Rajasthan and Orissa are under execution.

Nu Tek’s initial public offer (IPO) of Rs 76.50 – Rs 86.40 crore comprises 45 lakh shares in the price band of Rs 170 – Rs 192 per share. This includes fresh issue of 35 lakh shares and offer for sale of 10 lakh shares. The net proceeds of the issue (Rs 59.5 – 67.2 crore) and internal accruals are to be used for capital expenditures including various testing equipments, laptops and transport vehicles (Rs 23.58 crore) to fund overseas acquisitions (Rs 21 crore), to augment long-term working capital requirements (Rs 44 crore) and for general corporate purposes.

Strengths

Had an order book of Rs 175 crore on 15 June 2008 to be executed in the year ending March 2009 (FY 2009). This is 1.8 times FY 2008 net revenue. Orders are from Aircel/Dishnet Wireless, Huawei Telecommunications, Ericssion, ATC Tower Company of India and Shyam Telelink.
Has worked for all the major telecom operators like Bharti Airtel, Reliance Communications, Tata Teleservices, Aircel, and Shyam, and telecom equipment manufacturers like Nokia, Ericsson, Motorola, and Huwaei, and third party infrastructure leasing companies like Quipo, ATC Tower Company, and Xcel Telecom.
Operating in high-growth telecom infrastructure services sector, seeing a massive expansion plans by all telecom services providers, especially in small towns and rural areas, offering good business opportunities in the coming years. With mobile number portability to be implemented soon, existing telecom operators will be forced to improve the on-road and in-building coverage by improving/sustaining their network infrastructure to retain existing subscribers. The imminent arrival of third generation (3G) technology would lead to an increased demand for towers/telecom sites.
Changing its business mix towards operation and maintenance (O&M) services to ensure a sustainable business model to offset matured markets. Revenue from O&M activities increased to 13% in FY 2008 against nil in FY 2006. Seven per cent of the current order book comprises O&M service contracts. Also undertakes O&M for sites developed by other infrastructure providers (about 60% of business from such sites). Expects to win O&M contracts from MTNL for sites in Delhi and the National Capital Region (NCR).
Weaknesses

Most of the infrastructure rollout experience is concentrated in north India (about 70% of revenue), while exposure to other regions is limited to smaller projects. There is huge amount of capex lined up by all the telecom operators for the rollout of infrastructure across India, of which sizable spending is expected in the under-penetrated eastern part of the country. Is working on strengthening its presence in the eastern and southern regions to address opportunities arising out of regional growth. This can be seen from the current order book, which includes just 46% of the orders from the northern region as against about 70% of revenue earlier.

There has been an increasing trend of passive infrastructure sharing among operators, resulting in lower capex on network infrastructure. Further active infrastructure sharing and intra-circle roaming arrangements have also been allowed by the Telecom Regularity Authority of India (Trai), which will cap the capex by operators on network infrastructure while launching services in new circles, leading to lower opportunities.
The market for telecom infrastructure services providers is highly competitive. The relatively small size of operations may impact competitiveness and prove to be a deterrent in bidding for larger projects. Lack of pricing power against large telecom operators, telecom equipment producers and tower leasing companies may put pressure on margin.
The working capital cycle is high due to longer projects. Had negative operating cash flows in each of the last three fiscal years. At 113 days, debtors’ days are also on the higher side (181days on closing debtors basis).
Valuation

Over the three-year period ended March 2008, revenue grew at a CAGR of 46% and net profit at CAGR of 57%. Operating profit margin has stabilised at 32% against 18.7% in FY 2005. Improvement in margin is on higher employee utilisation and drop in selling, general and administration (SG&A) expenses in absolute terms. This may not be sustainable going forward. The EPS on post-issue equity capital of Rs 17.26 crore has improved by more than four times to Rs 12.3 in FY 2008 from 2.9 in FY 2006.

On the FY 2008 EPS of Rs 12.3 on post-issue equity capital of Rs 17.26 crore, the P/E works out to 13.8 – 15.6 in the price band of Rs 170 – Rs 192. The trailing 12-month (TTM) P/E of GTL (a much bigger player providing broadly similar services) is 13.

Nu Tek India: Issue Highlights

Sector Telecom Equipment & Infra Services
No. of shares: fresh issue (in lakh) 35.00
No. of shares: offer for sale by shareholders(in lakh) 10.00
No. of shares reserved for employees (in lakh) 1.00
Net issue to the public 44.00
Price band (Rs) 170-192
Post-issue equity (Rs crore) 17.26
Post-issue promoter stake (%) 42.42
Issue open / close 29-07-2008 / 01-08-2008
Listing BSE, NSE
Rating: 43/100

Birla Cotsyn (India)

Birla Cotsyn (India)

Going for complete forward integration

Textile industry is highly competitive and fragmented with rising capacities

Birla Cotsyn (india) is a constituent of the Yash Birla group (YBG) and was originally incorporated in 1941 by R. D. Birla under the name and style of M/s Jamod Ginning Company Private Limited. On conversion to public limited company the name of the company has been modified to Birla Cotsyn (India) (BCIL) with effect from May 2006. On 9th December 2006 Yash Birla Group signed a joint venture agreement with P.B. Bhardwaj group (PBG) to combine their resources and expertise and carry on the business of manufacturing, marketing and distribution of the products in India as well as other places. As per the JV the total promoter’s equity of BCIL would be taken up in the ratio of 50:50 between the PBG and YBG.

The company has been engaged in cotton ginning, pressing and oil expelling and after the acquisition of assets of Khamgaon Syntex, a wholly owned subsidiary of Zenith, one of the group companies of YBG with a spindle capacity of 18,304 spindles with effect from August 2006, has entered into the manufacturing of synthetic yarn.

The company is coming with an IPO to part finance the expansion of an integrated textile project at Khamgaon and Malkapur at an estimated cost of Rs 289.19 crore, setting up a garment manufacturing plant at Rs 25.21 crore and establishing retail outlets at cost of Rs 5.80 crore.

The company plans to implement the integrated textile project in three phases. During Phase I the spindle capacity of 18,304 spindles of Khamgaon Syntex is envisaged to be enhanced to 19,040 spindles along with the modernization and upgradation of facilities with part replacement of existing machinery and setting up of a 36,000 cotton spindle yarn manufacturing unit at Malkapur. During Phase II the company plans to manufacture open end rotor based cotton yarn with an installed capacity of 1,728 rotors at Khamgaon and weaving of grey fabric with 114 looms at Malkapur. During phase III the company plans to set up a dyeing and processing unit for manufacturing of finished clothes with an installed capacity of 50,000 meters per day. The expansion plan under phase I is estimated a cost of Rs 131.34 crore and subsequent phase II and phase III together has been estimated at Rs 157.85 crore.

In addition the company plans to forward integrate and set up facilities for garment and apparel manufacturing and also to establish retail outlets all over the country for marketing of the products at an estimated cost of Rs 31.01 crore.

The government of Maharashtra has decided to offer the status of ‘Mega project’ to the proposed project. Accordingly the company shall receive benefits of electricity duty exemption for a period of seven years from the date of the commencement of the project, 100% exemption from payment of stamp duty, industrial promotion subsidy equivalent to 100% of the eligible investments made and 75% reimbursement of expenditure incurred on account of employer’s contribution towards ESI and EPF for a period of 5 years but limited to 25% of the fixed capital investment.

Strengths

The company is into complete forward integration, i.e. right from ginning and pressing upto manufacture of fabrics, readymade garments and also to opening of retail outlets of its own which is expected to give considerable savings on margins.
Khamgaon is the centre of cotton production and there are about 35 ginning units in and around this place. Hence good quality raw materials like cotton are easily available.
Weaknesses

The textile industry is highly competitive and fragmented. With abolition of quota system from January 1, 2005 many companies have ramped up their capacities increasing competition among players in the textile industry.
The company is having negative operating cash flows for the nine months ended December 2007.
Financial and stock market track record of Yash Birla group companies is not encouraging.
Valuations

At the price band of Rs 15 - Rs 18, the annualised EPS for the nine months ended December 2007 on post-issue equity works out to Rs 0.3- Rs 0.4 and PE works out to 49.1-50.3. TTM PE of Textiles-spinning/Cotton/Blending Yarn sector is 10.9. However once the company’s plans for forward integration in garment and apparel manufacturing and setting up of retail outlets are implemented successfully, it may get higher P/E than 10.

Birla Cotsyn: Issue Highlights

Sector Textiles-Spinning/Cotton/Blended Yarn
Sector TTM P/E 10.92
No. of shares fresh issue (in crore) 9.61 - 8.01
No. of shares reserved for promoter (in crore) 2.44 - 2.04
No. of shares reserved for employees (in crore) 0.48 - 0.40
Price band (Rs) 15 - 18
Post issue equity (Rs crore) 109.74 - 93.72
Post-issue promoter stake (%) 45.81 - 53.64
Issue open / Close 30-06-2008/04-07-2008
Listing BSE/NSE
Rating 39/100

KSK Energy Ventures

KSK Energy Ventures (KEVL) develops and operates power generation projects through various special purpose vehicles (SPVs). It is a step-down subsidiary of KSK Power Venture Plc, listed on the London Stock Exchange. Through its wholly owned subsidiary KSK Energy of Mauritius, KSK Power Venture Plc will hold a 55.24% stake in post-issue equity capital (pre-issue 61.39%)of KEVL. S. Kishore and K.A. Sastry are the promoters of the company.

Currently , KEVL operates three power projects with an aggregate capacity of around 144 MW. It has two projects with an aggregate power generation capacity of 675 MW under construction. The aggregate generation capacity of projects in the pipeline is 8,318 MW.

Of the three operational power plants, two are dedicated coal-based captive power plants of 43 MW each in Chattisgarh and Andhra Pradesh. The Chattisgarh power plant is owned by Arasmeta Captive Power Company, with KEVL owning a 51% stake, and is dedicated to the captive power requirement of Lafarge Cements. The Andhra Pradesh plant is owned by Sitapuram Power, with KEVL’s stake at 49%, and is dedicated to the captive power needs of Zuari Cements. The third operational power plant,, Sai Regency Power Corporation, is a gas-based combined cycle group captive power plant in Tamil Nadu, with KEVL holding a 73.92% stake ,and meets the captive power requirement of companies such as Chemplast Sanmar, Lakshmi Mills, Orchid Pharma, and Elforge. The Arasmeta, Sai Regency and Sitapuram power projects were synchronized with the grid on May 2006, February 2007 and July 2007, respectively.

Of the projects under development, a lignite-based power project with an generation capacity of 135 MW in Rajasthan is scheduled to be operational by October 2008. Another 540-MW coal-based power project at Warora in Chattisgarh is likely to be operational by December 20’09. KEVL has secured debt financing and intends to commence construction for the three projects with an aggregate generation capacity of 1,973 MW. The company has plans for three more projects with an aggregate capacity of 6,345 MW.

In January 2008, KEVL divested its stake in the SPVs of the three operating power companies, under the restructuring plan between the promoter groups of the company and LB India Holdings Mauritius I, to the ‘Small is Beatutiful Fund’. Besides this divestment, the company picked up 100% of the shareholding in KSK Electricity Financing India, previously a 51:49 joint venture between the company and LB India. It has divested its stake fully in RVK Energy (20 MW), Kasargod Power (20 MW) and Coramandel Power. The stakes in these erstwhile subsidiaries along with investment in Athena Projects were transferred to promoter group company KSK Energy Company, in which parent Mauritius-based KSK Energy holds 100% stake.

KEVL is tapping the capital market with an IPO to facilitate equity infusion in Wardha Power Company to meet the equity component of the 1,800-MW Wardha Chattisgarh power project and to meet general corporate expenses.

Strengths

On completion of all planned projects, there will be a fairly diversified plant mix of geography and fuel supply. The plants will be spread over seven states, with eight coal-based plants, one lignite-based plant, one natural gas-based plant and three run-of-the-river hydroelectric plants.

Weaknesses

Power generation capacity, operational or under construction, amounts to just 819 MW of the proposed power generation capacity of 9,137 MW by 2013. Yet to appoint engineering, procurement and construction (EPC) contractors for the balance 8,318-MW power generation capacity. The supply constraints at the equipment as well as the execution contractors side expose it to high level of execution risk. With rising commodity prices, escalation in project cost can also be significantly higher.

Lacks experience in developing and operation of power plants of higher capacity as well as the magnitude proposed. Current operational projects and projects under construction are thermal power units and execution of hydel power projects, which are more complex with long gestation periods, needs to be seen.

Yet to sign a definite fuel supply agreement (FSA) for the 540-MW Wardha Warora Power Project in Maharashtra, expected to be operational by December 2009. Similarly, still in negotiating for fuel supply for the 43-MW Arsmeta expansion project. Yet to sign definite FSA for three 1,800-MW coal-based power projects (one at Chattisgarh and two in Orissa) even though an MOU has been signed.

Still to finalise the power purchase agreement and fuel supply for generation capacity of 8,500 MW.

Of the three operational power projects, the Sitapuram Power SPV continues to be in red with net loss of Rs 1.91 crore in the year ended March 2008 (FY 2008). A shareholder agreement with Zuari Cements relating to Sitapuram Power SPV contains an onerous provision giving option to ZCL to pick up the entire 49% stake in the SPV after the third anniversary ( 1 March 2011) of commercial operation of the Sitapuram power plant .

Proposes to add 8,993 MW of power generation capacity by 2013. The estimated infusion of equity into SPVs will be a staggering Rs 8000 crore on the assumption that all the proposed projects will be funded through a debt: equity mix of 70:30. Currently, only about Rs 883 crore is to be raised by the IPO. So there will be significant equity dilutions in future.

Certain SPVs will pay project development and support fees to group company KSK Energy Company .

The power purchase agreement for captive power plants provides for fixed rates and have limited passthrough.

An affiliate of Lehman Brothers will hold 28.41% of the equity capital after the IPO. Lehman has been in the news for the severe subprime problems it is facing.

Valuation

Due to the benefits of commissioning two new power projects, the restated consolidated net sales of KEVL were up 208% to Rs 239.13 crore in the fiscal ended March 2008 (FY 2008). Net profit rose 476% to Rs 108.65 crore. The figures for FY 2008 are not comparable with those of FY 2007 as the company has divested three of its operating power plants to a group company under the restructuring plan implemented n January 20’08. Further, the sales were boosted by project-development fees of Rs 23.36 crore and power-arrangement income of Rs 23 crore. On post-IPO equity of Rs 346.11 crore, the EPS for FY 2008 works out to Rs 3.3. The P/E is 72.7-77.3 at the price band of Rs 240-Rs 255.

KEVL will have the full benefit of the operation of Sitapuram plant in FY 2009. And with the 135-MW lignite power project getting commissioned by December 2008, the company will get significant revenue upside in FY 2010 as well.

With 144-MW (current) power generation capacity, KSK Energy Ventures will have a market capitalisation of Rs 8826 crore at the higher price band, while an equivalent payer like GIPCL has a market cap of Rs 1305 crore with higher 555-MW power generation capacity. Having learnt the lessons, stock markets are unlikely to give huge market capitalisation to companies like KEVL just based on their lofty plans.

KSK Energy Ventures : Issue Highlights

Sector Power Generation
No. of shares on offer 34611000
Price band (Rs.) 240 - 255
Post-issue equity (Rs crore) 346.11
Post-issue promoter (including promoter group) stake (%) 55.24
Issue open/close date 23/06/08 - 25/06/08
Listing BSE, NSE
Rating 35/100