Bangalore-based real estate developer Puravankara Projects has set a price band of Rs 80 -85 for the proposed issuance of equity shares through the Institutional Placement Programme (IPP). The company proposes to issue up to 21.57 million equity shares to institutional investors on Wednesday, May 23. Further, in case of oversubscription, the company has a right to allot an additional up to 2.16 million shares to eligible qualified institutional buyers (QIB). Axis Capital, JP Morgan and Kotak Mahindra Capital are the book-running lead managers to the issue.
The company has proposed IPP for fulfilling SEBI’s public share holding norms, which mandates for minimum 25% of public shareholding by June 30 for private sector listed companies.IPP, so far, has been the preferred route for increasing the public shareholding by real estate companies, including DLF, Godrej Properties 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.