Orbit Corp To Float IPO On March 20

Mumbai: Real estate construction and development company Orbit Corporation Ltd is foraying the capital market with an initial public offering of 91 lakh equity shares of Rs 10 each in the price band of Rs 108-117 per share. The issue opens on March 20 and closes on March 23. The company is also issuing one detachable warrant per equity share to be converted after 18 months. The issue will constitute 25.09% of the fully diluted post-issue share capital of the company prior to the exercise of detachable warrants and 40.11% after the conversion of detachable warrants, assuming they are fully exercised. The issue is being made via a 100% book building process where at least 50% of the issue shall be allocated on a proportionate basis to Qualified Institutional Buyers (QIBs); out of which 5% shall be available for allocation to mutual funds.