Wednesday, December 08, 2010

Rakesh Jhunjhunwala To Get Rs 20.5 crore via A2Z IPO

Indian billionaire investor Rakesh Radheyshyam Jhunjhunwala will be the most beneficial investor in A2Z Maintenance and Engineering Services, which is coming out with an initial public offering (IPO) on December 8. He is offloading about five lakh equity shares (more than 4% stake) through the IPO out of its total holding of 1,20,51,125 shares i.e. 21.03% stake.

Jhunjhunwala will receive more than Rs 20 crore by selling five lakh shares at the higher end of the price band of Rs 400-410 per share, which was equal to the amount he invested in A2Z Maintenance in 2006. The total valuation of his holding in the company stands at Rs 494.09 crore, which means market cap of company will be more than Rs 3,000 crore.

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