Hindustan Construction Company`s subsidiary, Lavasa Corporation, has been given the green signal for a Rs 2,000 crore initial public offer (IPO) by the Securities and Exchange Board of India. In September, Lavasa Corporation had filed a draft red herring prospectus (DRHP) with the market regulator for the proposed IPO.
Hindustan Construction Company (HCC) holds a stake of about 65 per cent in Lavasa, while Gautam Thapar controlled Avantha Group is the second largest shareholder with a 16 per cent stake. Other shareholders include Venkatesh Hatcheries with a 13 per cent stake and Pune based investor, Vinay Maniar, who holds a 6 per cent stake in the company.
Lavasa is a planned hill city being developed by HCC near Pune. The master plan for Lavasa was drawn up by internationally renowned design consultant HOK of the USA. crackcrack
