Nandi Infrastructure Corridor Enterprises (NICE) executing the Bangalore and Mysore espressway, plans to raise Rs 2,000 crore through an initial public offer (IPO). The Board of Directors is in the process of finalising how much stake to sell to public. The mandate to arrange the sale may be given in the first quarter of 2011, which Enam Securities and SBI Capital Markets are bidding for. The IPO proceeds will part-finance the construction of a 99 km expressway, three township projects and a 400 MW power project. NICE intends to sell land in plots instead of developing the whole parcel of land and expects to generate profits from the same. According to CARE, the viability of the project depends on the development of real estate to a great extent. The Bangalore-Mysore corridor involves construction of 7,000 acres in the first phase alone.
Contact: NICE, Tel: + 91 80 555 9819 Web: www.nicelimited.com