Lavasa Corporation, the real estate subsidiary of Hindustan Construction Company (HCC), has filed draft red herring prospectus (DRHP) with capital markets regulator Securities and Exchange Board of India (SEBI) for its public issue.
The company has filed its DRHP in order to undertake an initial public offering of its equity shares of Rs 10 each aggregating to Rs 750 crore. The issue is subject to receipt of requisite regulatory approvals, market conditions and other considerations.
HCC holds a 65 percent stake in Lavasa. Gautam Thapar-controlled Avantha Group is the second-largest shareholder with a 16 percent stake. Other shareholders are Venkatesh Hatcharies (13 percent) and Pune-based investor Vinay Maniar (6 percent). In 2010, Lavasa had planned to raise Rs 2,000 crore by selling 10 percent of promoter's stake but that was abandoned due to the weakness in market.