The Hindu Business Line : i-Flex hopeful of listing shares: CEO

I-FLEX Solutions Ltd, a Citigroup company, which has sought three-months time from the shareholders to launch its IPO, is hopeful of getting its shares listed by April.

"We have not postponed our plans for listing by the end of this fiscal and as per our assessment, we are on track. However, there are likely to be certain technicalities that may result in the process spilling over to the next month,'' Mr Deepak Ghaisas, Chief Executive Officer (India Operations) and Chief Financial Officer (i-Flex), told Business Line.

He said, "We have a combination of primary and secondary issues and had asked the existing shareholders if they wanted to participate in the book-building issue. The process was supposed to have been completed by March 31, 2002 but some activities may extent beyond this deadline.''

"As part of good corporate governance and to be on the safe side we had written to the shareholders to ask for a 90-day extension to give us that additional timeframe in case of a delay,'' he added.

The company, in which Citigroup holds 48.5 per cent, had announced its IPO plans in August 2001 offering 10 per cent of its enhanced equity, including a minimum of 2.5 per cent fresh equity.

JM Morgan Stanley is the lead manager of the book-building issue and Kotak Mahindra Capital Company, Salomon Smith Barney (India) and DSP Merrill Lynch are the co-book-building lead managers.

Capital raised through the IPO will be used by i-Flex to increase its marketing and promotional activities in key markets; expand operations to new markets; invest in joint ventures, strategic alliances and acquisitions as well as scaling infrastructure and facilities.

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i-Flex hopeful of listing shares: CEO