September 10, 2009 / 8:27 AM / 10 years ago

CORRECTED - CORRECTED-Pipavav Shipyard sets IPO price band at 55-60 rupees/s

(Corrects price band to 55-60 rupees/share in headline, first graph)

MUMBAI, Sept 10 (Reuters) - Private shipbuilder Pipavav Shipyard Ltd said on Thursday it has set a price band of 55-60 rupees per share for its proposed intial public offering.

The firm will issue 12.8 percent of its equity or 85.5 million shares, it said in its draft prospectus.

Pipavav, co-owned by SKIL Infrastructure Ltd and engineering firm Punj Lloyd (PUJL.BO), plans to raise funds primarily for construction of facilities for shipbuilding, ship repair and offshore business.

The company’s current order book stands at $920 million for 34 vessels, including 12 offshore supply vessels for state-run explorer Oil & Natural Gas Corp (ONGC.BO).

Citigroup Global Markets India, Enam Financial Consultants and JM Financial Consultants are the book-running lead managers for the issue. (Reporting by Swati Pandey; Editing by Prem Udayabhanu)

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