Developer and operator of APM Terminals Pipavav, Gujarat Pipavav Port (GPPL) has decided the price band for its upcoming issue. The price band in rupees 42-48 per share and the total money of rupees 500 crore is expected to be raised through this.

The report first came out in CNBC TV 18 and the issue will be opened for subscription on August 23, 2010.

Besides this offer, the company has also decided to go for an offer to sell close to 1, 17,07,369 equity shares via its Infrastructure Fund of India, LLC and the India Infrastructure Fund, LLC. This issue will be closing on August 26.

GPPL is basically into the business of developing and operating Pipavav which is a multi-cargo and multi-user operation. GPPL has also got the exclusive rights to develop APM Terminals Pipavav and related facilities until September 2028.

Meanwhile, after the promoter of APM Terminals Mauritius Limited will see a reduction in its stake. It currently has 57.9 per cent holdings in the company. IDBI Trusteeship Services Ltd and IDBI Bank, the other two shareholders are going to see a reduction in their stakes as well. They have 10.2 per cent and 8.9 per cent at present.