Bengaluru-based Shriram Properties has filed a draft doc with market regulator Sebi to boost as much as Rs 800 crore by way of an preliminary public provide (IPO).
According to sources, Shriram Properties filed the draft crimson herring prospectus (DRHP) on Friday.
As per DRHP, the corporate proposes to boost as much as Rs 800 crore by way of IPO. Out of the entire IPO measurement, it plans to boost Rs 250 crore by way of recent subject of fairness shares and Rs 550 crore by way of provide on the market.
Shriram Properties has proposed partial exits to its 4 current traders — TPG Capital, Tata Capital, Walton Street Capital and Starwood Capital — which maintain round 58 per cent stake within the firm.
In provide on the market, every of the promoting shareholders can be entitled to their respective portion of the proceeds from the provide on the market in proportion of the shares provided by them.
The firm is not going to obtain any proceeds from the provide on the market.
Shriram Properties proposes to utilise the web proceeds from the recent subject in the direction of reimbursement and/ or pre-payment of debt and normal company functions.
Sources had earlier stated that the corporate expects to get Sebi nod subsequent month and thereafter it should hit the capital market with the proposed IPO.
The firm has a significant presence in South India. It has accomplished varied actual property tasks and lots of tasks are below building.
Despite the COVID-19 pandemic, the Indian actual property sector has witnessed two profitable public problems with the Real Estate Investment Trust (REIT).
Mindspace Business Parks REIT, owned by Okay Raheja, was listed in August final yr after elevating Rs 4,500 crore, whereas international funding agency Brookfield’s REIT public subject price Rs 3,800 crore obtained listed in February this yr.
India’s largest realty agency Macrotech Developers, erstwhile Lodha Developers, is elevating as much as Rs 2,500 crore by way of IPO, which closed on Friday.
