Shriram Properties has received markets regulator Securities and Exchange Board of India’s (SEBI) approval to raise an estimated Rs 1,250 crore through an Initial Public Offering (IPO). The IPO comprises fresh issue aggregating up to Rs 250 crore besides an offer for sale of up to 42,403,271 shares by existing shareholders, including Tata Capital Financial Service and TPG Asia. The company’s shares are proposed to be listed on the BSE and NSE.
The company, which filed the draft red herring prospectus with the SEBI in December, got the regulator’s approval on April 9. The funds will be utilized towards repayment of certain borrowings availed by the company or its subsidiaries and for general corporate purposes. Axis Capital, Edelweiss Financial Services, JM Financial and Nomura Financial Advisory and Securities are book running lead managers to the issue.
Shriram Properties, part of the Shriram Group, is a leading residential real estate development company in South India, primarily focused on the mid-market and affordable housing categories.
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| DLF | 595.85 |
| Oberoi Realty | 1695.70 |
| Ahluwalia Contract(I | 833.35 |
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