Signature Global (India) has filed draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to raise Rs 1000 crore through an initial public offering (IPO).
The company proposes to utilize the net proceeds from the fresh issue towards payment of the debt, inorganic growth through land acquisitions, and general corporate purposes. Also, funds will be used to pay the debt of subsidiaries -- Signatureglobal Homes, Signature Infrabuild, Signatureglobal Developers, and Sternal Buildcon. Kotak Mahindra Capital Company, ICICI Securities, and Axis Capital are the book-running lead managers to the issue.
Gurugram-based property developer Signature Global is focused on affordable and mid-housing segments with a market share of 19 percent.
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