CHENNAI: India Infoline Ltd, also known as IndiaInfoline.com, an online retail investment advisory firm, has announced a public issue of 11,878,138 equity shares, which would constitute 27.31 percent of the post issue paid-up capital of the company.

The company has announced a fixed price band of Rs 70 and Rs 80 per equity share for a face value of Rs 10 each. The issue will open on April 21, 2005 and close on April 27, 2005.

Addressing the media, India Infoline director R Venkataraman said, "Of the total 11,878,138 equity shares, 878,138 equity shares are reserved for the employees of the company and its subsidiaries. About 5,500,000 shares or 50 percent of the shares are reserved for qualified institutional buyers on discretionary basis, and another 50 percent or 5,500,000 shares are reserved for non institutional bidders and retail individual bidders proportionally."

"The proceeds of the issue would be used to finance our expansion plans in India," he observed.

Further, Venkataraman said that India Infoline, which has a retail network of about 73 branches in 36 locations all over India, proposes to set up an additional 77 branches in 50 cities to have a network of about 150 branches.

It is to be noted that India Infoline, last year acquired licenses for commodities brokering and portfolio management services from SEBI for its brokering subsidiary.