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Sunstar Realty Development to raise Rs 10.62 crore through IPO

15 Feb 2013 Evaluate

Real estate company Sunstar Realty Development is all set to hit the capital market with a public issue of 53.10 lakh equity shares on February 18. Sunstar aims to raise Rs 10.62 crore through the issue, which will close on February 21. The issue price has been fixed at Rs 20 per share and the company will be listed on BSE-SME Exchange.

The company intends to use issue proceeds for financing the expenditure of work order awarded by Jain Infraprojects Limited; funding the development & construction related expenditures of planned projects; and brand building & general corporate purposes.

Guiness Corporate Advisors is the book running lead manager to the issue.

Currently, the company has two diversified planned projects at Gujarat. It also entered into an agreement with Triveni Infratech to acquire 2.51 acres of land at district Hooghly of West Bengal for forthcoming development. 

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