Emkay Global Financial Services has suggested `Subscribe` on initial public offering
of Ashoka Buildcon, which builds and operates roads and bridges in India on a build, operate and transfer basis.
The following rationale has been provided by it:
Portfolio of 17 projects covering 3,400 lane kms makes Ashoka Buildcon, India`s premier BOT developer.
NHAI expects to award 18,000 kms over FY11-12 - expect Ashoka with significant track record to be surrounded by the primary beneficiary
Lucrative BOT portfolio leading to re-leveraging of B/S 15 out of 20 had got re-leveraged. B/S can be further leveraged by Rs 3.5 billion, providing dilution free growth.
The issue which opened on Sep.23, 2010 will close on Sep.28, 2010. As on Sep.27, 2010 12:00 p.m, the issue has been subscribed 1.04 times. A total of 6.49 million bids were acquired out of which 259,800 bids were acquired at a stop price.
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