India Infoline IPO priced at Rs 70-80/shr

India Infoline, one of the leading retail investment advisory and intermediary company, has fixed a price band between Rs 70-80 for its forthcoming public issue of 1,18,78,138 equity shares of Rs 10 each at a price to be determined through 100% book-building route to finance its expansion plans.

The issue is scheduled to open for bids on April 21, 2005 and close for
subscriptions/bids on April 27, 2005.

Out of the present issue, 8,78,138 equity shares are reserved for allotment to employees of the company. Out of the balance, at least 50% i.e. 55,00,000 shares are reserved for allocation to qualified institutional buyers (QIBs) on discretionary basis, and 25% each i.e. 27,50,000 shares are reserved for non-institutional bidders and retail individual bidders on proportionate basis.

India Infoline is involved in the business of broking, distribution of personal finance products including mutual funds, fixed deposits and government bonds, and is a corporate agent for life insurance and commodities broking through its separate, wholly-owned subsidiaries.

Promoted by Nirmal Jain and R Venkataraman, India Infoline has a retail branch network of 73 branches at 36 locations across India, and proposes to set up an additional 77 branches in 50 cities across India
to have a network of 150 branches.

Enam Financial Consultants is the sole book-running lead manager to the issue.