Pipavav Shipyard Limited today announced its price band for its forthcoming issue. The price band is fixed as Rs 55-60. The issue for 8,54,50,225 shares includes a reservation of 6,00,000 shares for the employees. The issue opens for subscription on Wednesday the 16th of September 2009 and closes on Friday the 18th of September 2009.

The issue would raise Rs 466.68 crs at the lower end of the price band and Rs 509.10 crs at the top end of the price band. The net issue excluding the employee offer would constitute 12.74% of the post issue equity capital. The market cap of the company at the lower price band would be Rs 3663 crs and at the top end of the price band would be Rs 3996 crs.