Roman Tarmat IPO band fixed between Rs 150-Rs 175

Roman Tarmat Limited (the "Company"), a Mumbai-based ISO 9001:2000 certified infrastructure construction company engaged in the business of highways, runways and other civil work, is entering the capital markets with an Initial Public Offer of 2,900,000 Equity Shares of Rs. 10 each for cash at a price to be decided through a 100% Book-Building Process (the "Issue"). The Price Band for the Issue has been fixed between Rs. 150 and Rs. 175 per Equity Share. The Issue opens on June 12, 2007, and closes for subscription on June 19, 2007. The Equity Shares of the Company are proposed to be listed on the National Stock Exchange of India Limited ("NSE") and the Bombay Stock Exchange Limited ("BSE").

The Issue comprises a reservation of 100,000 Equity Shares of Rs. 10 each for eligible employees (the "Employee Reservation Portion"), and a Net Issue of 2,800,000 Equity Shares of Rs. 10 each. The Issue would constitute 26.46% of the post Issue paid-up capital of the Company. The Offer is being made through the 100% Book Building Process wherein upto 50% of the Net Issue shall be allotted on a proportionate basis to the Qualified Institutional Buyers ("QIBs"). Also, 5% of the QIB portion shall be allotted on a proportionate basis to Mutual Funds, subject to valid bids being received from them at or above the Issue Price. Further, not less than 35% of the Net Issue shall be available for allocation on a proportionate basis to Retail Individual Bidders and not less than 15% of the Net Issue shall be available for allocation on a proportionate basis to Non-Institutional Bidders, subject to valid Bids being received at or above the Issue Price.

Roman Tarmat Limited, established in the year 1986 by Promoter Director Mr. Jerry Varghese (a qualified engineer with over three decades of experience), provides engineering, procurement and construction services for infrastructure projects sponsored by Government/ Government agencies, including the Central government, State governments and the Municipalities. Broadly, the business activities can be categorised into the following three segments: airside works; highways and roads; and other civil work. The Company is one of the few construction companies in India operating in the area of construction of runways, which requires a strict focus on quality to ensure safe take off and landing of aircrafts. Over the years, it has developed the expertise of building runways that adhere to the strict quality standards and has built runways for major civil airports (Mumbai and New Delhi airports) as well as military airports.

Since Build Operate and Transfer (BOT) contracts are gaining in importance with the Government encouraging private sector participation in the development of large-scale infrastructure projects, the Company intends to bid for several projects on a BOT/ BOOT basisering several projects across sectorsIssue Price. The proceeds from the proposed Issue are intended to be deployed for investment in capital equipment and for funding the long-term working capital requirements.

Roman Tarmat, which has a track record of profitability for the last 15 years, has been executing quality projects on time. It has its own fleet of construction equipment including mechanical paver finishers, transit mixers, poclain, concrete pumps, batching plants and dumpers. To cater to its captive requirement, it has set up a ready mix concrete plant having an installed capacity of 30 cubic meter / hour at Goregaon, Mumbai. It also owns crushing units stationed at Navi Mumbai as well as mobile crushing units, which can be transported to its project sites across India. It also has two workshops situated at Goregaon and Panvel (Navi Mumbai) for repairs and maintenance of equipment. The Company has operations spread across the states of Maharashtra, Tamil Nadu, Karnataka, Kerala, Mizoram, Gujarat and Delhi. It has taken up road works for Government Departments such as the Public Works Department (PWD), Maharashtra Industrial Development Corporation (MIDC) and Brihanmumbai Municipal Corporation (BMC). Some of its major clients include: Airports Authority of India (AAI), Karnataka State Highways Improvement Project, Public Works Department, Mizoram, Military Engineer Service, Roads & Buildings Department, Government of Gujarat, and Roads & Buildings Department, Government of Andhra Pradesh.

The Company posted a Total Income of Rs 90.94 crore for fiscal 2006, as compared to Rs. 77.30 crore for fiscal 2005 and Rs. 50.43 crore for fiscal 2004. The restated Profit After Tax was Rs 8.50 crore, as compared to Rs. 3.67 crore for fiscal 2005 and Rs. 1.72 crore for fiscal 2004. It posted a Total Income of Rs. 84.64 crore for the nine months ended December 31, 2006. The restated Profit After Tax for the same period was Rs. 8.14 crore. The order book comprising un-commenced projects, unfinished and uncertified portions of its commenced projects, as on April 30, 2007, was Rs. 336.89 crore.

The Book Running Lead Managers ("BRLMs") to the Issue are Allianz Securities Limited and Darashaw & Company Private Limited.