Bengaluru-based Shriram Properties has filed a draft doc with market regulator Sebi to lift as much as Rs 800 crore via an preliminary public provide (IPO).
In accordance with sources, Shriram Properties filed the draft crimson herring prospectus (DRHP) on Friday.
As per DRHP, the corporate proposes to lift as much as Rs 800 crore via IPO. Out of the full IPO dimension, it plans to lift Rs 250 crore via recent situation of fairness shares and Rs 550 crore via provide on the market.
Shriram Properties has proposed partial exits to its 4 current traders — TPG Capital, Tata Capital, Walton Avenue Capital and Starwood Capital — which maintain round 58 per cent stake within the firm.
In provide on the market, every of the promoting shareholders might be entitled to their respective portion of the proceeds from the provide on the market in proportion of the shares supplied by them.
The corporate won’t obtain any proceeds from the provide on the market.
Shriram Properties proposes to utilise the online proceeds from the recent situation in direction of compensation 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’s going to hit the capital market with the proposed IPO.
The corporate has a significant presence in South India. It has accomplished numerous actual property initiatives and lots of initiatives are below development.
Regardless of the COVID-19 pandemic, the Indian actual property sector has witnessed two profitable public problems with the Actual Property Funding Belief (REIT).
Mindspace Enterprise Parks REIT, owned by Ok Raheja, was listed in August final 12 months after elevating Rs 4,500 crore, whereas international funding agency Brookfield’s REIT public situation price Rs 3,800 crore received listed in February this 12 months.
India’s largest realty agency Macrotech Builders, erstwhile Lodha Builders, is elevating as much as Rs 2,500 crore via IPO, which closed on Friday.