Veegaland Developers, a part of the V-Guard Group, has obtained the Securities and Exchange Board of India’s (SEBI) approval to raise funds through initial public offering (IPO). The company plans to raise Rs 250 crore through an entirely fresh issue of shares. There is no OFS component in the proposed issue.
The company proposes to use the proceeds for funding ongoing and upcoming real estate projects and acquiring identified land parcels for residential developments. Shares of the company are proposed to be listed on the BSE and the NSE.
Veegaland Developers is a real estate development Company engaged in the planning, development and sale of multi-storied residential apartment projects in the state of Kerala, India.
