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Technofab to Raise $15 Million From India Share Sale

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June 22 (Bloomberg) -- Technofab Engineering Ltd., which builds roads and water treatment systems, said it plans to raise 696 million rupees ($15.1 million) to meet operational expenses.

The company, based in New Delhi, will offer 2.9 million shares priced between 230 rupees and 240 rupees in a sale starting June 29 through July 2, according to a statement. It needs to raise funds to complete 41 projects on hand, Chairman and Managing Director Avinash C. Gupta told reporters in Mumbai today.

“The government spending is high and we see our opportunity there,” Gupta said.

Technofab, whose sales more than doubled to 2 billion rupees in the year ended March 31, is counting on bidding for public projects as the government boosts spending to upgrade the nation’s infrastructure. India needs to spend $1 trillion in the five years to 2017 to help accelerate economic growth to 10 percent and cut poverty, Prime Minister Manmohan Singh said in March.

The company has bid for 41 more projects worth 22 billion rupees, he said.

To contact the reporter on this story: Anoop Agrawal in Mumbai at aagrawal8@bloomberg.net

To contact the editor responsible for this story: Hari Govind at hgovind@bloomberg.net