Signature Global (India) has received the Securities and Exchange Board of India’s (SEBI) approval to raise Rs 1000 crore through an initial public offering (IPO). The company, which filed the draft red herring prospectus with the SEBI in July 2022, got the regulator’s approval on November 24, 2022.
The company proposes to utilise the net proceeds from the fresh issue towards payment of the debt, inorganic growth through land acquisitions and general corporate purposes. The funds will also be used to pay the debt of subsidiaries -- Signature Global Homes, Signature Infrabuild, Signature Global 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.
