Veegaland Developers, part of the V-Guard group, has filed draft papers with capital markets regulator Securities and Exchange Board of India (SEBI) to raise Rs 250 crore through its initial public offering (IPO). The company's maiden public offering is a completely fresh issue of shares with no Offer-for-Sale (OFS) component.
The company plans to use the funds to finance a portion of the cost of developing its ongoing and upcoming projects, estimated at up to Rs 111.60 crore. It will also spend about Rs 18.49 crore to acquire identified land parcels for residential real estate projects. The remaining amount will be used for future land acquisitions and general corporate purposes. Cumulative Capital is the sole book-running lead manager for the issue.
Veegaland Developers is a real estate development company engaged in the planning, development, and sale of multi-storied residential apartment projects in Kerala, catering to the mid-premium, premium, ultra-premium, luxe-series, and ultra-luxury residential segments.
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