After DLF, Bangalore-based real estate developer Puravankara Projects has proposed to issue equity shares to Qualified Institutional Buyers (QIB’s) via Institutional Placement Programme (IPP). The company has decided to issue up to 2.15 crore shares of Rs 5 each to QIB’s, which at current valuations would fetch the company a sum of Rs 200 crore. However, the company is yet to decide on price and date of offering.
The company’s IPP committee of the board has decided to offer 2, 15, 68,501 equity shares of Rs 5 each, with a right to allot up to an additional number of 21, 56,850 shares if there is over-subscription, to eligible QIBs through an IPP. So far, IPP has been the preferred route for increasing the public shareholding by real estate companies, including Godrej Properties, DLF and Prestige Estates.
Puravankara Projects is a leading real estate company in India, with significant presence in Bangalore, Kochi, Chennai, Coimbatore, Hyderabad, Mysore and overseas in the United Arab Emirates, Kingdom of Saudi Arabia and Sri Lanka.
