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Home / India News / 2007 / January / January 5, 2007
Puravankara Projects Limited to Soon Enter the Capital Markets, Files with SEBI

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Puravankara Projects Limited to Soon Enter the Capital Markets, Files with SEBI

Mumbai, Maharashtra, India

Puravankara Projects Limited, one of the leading real estate development companies in India has filed its Draft Red Herring Prospectus (DRHP) with the Securities & Exchange Board of India (SEBI) to enter the capital markets with an initial public offering of equity shares.

The Company proposes to offer 21,467,610 equity shares of Rs. 5 each ("Issue"). The Issue is being made through a 100% book building process in accordance with the SEBI (Disclosure & Investor Protection) Guidelines, 2000. The Issue will constitute 10.05% of the post-Issue capital of the Company. Of the Issue, 60% is being reserved for allotment to Qualified Institutional Buyers, of which 5% will be reserved for allotment to mutual funds. Further up to 10% of the Issue will be allotted to non-institutional investors and the balance up to 30% will be allotted to retail investors.

DSP Merrill Lynch Ltd, Citigroup Global Markets India Pvt. Ltd and Kotak Mahindra Capital Co Ltd are the Book Running Lead Managers to the Issue.

The Company proposes to utilize the net proceeds of the Issue to acquire lands in and around Bangalore and Chennai aggregating 76.23 million sq.ft at a total cost of Rs 7,334 million and repayment of loans of Rs 2,899 million, and for general corporate purposes.

About Puravankara Projects Limited

The Company was incorporated as Puravankara Constructions Private Limited in 1986 in Mumbai. The Company's Promoter, Mr. Ravi Puravankara, commenced operations in the real estate industry in Mumbai in 1975 and has over 31 years of experience in the property development, real estate and construction sectors in India.

As of December 15, 2006 the Company has access to extensive Land Assets which represent the land that it has reserved for its future projects aggregating approximately to 69.06 million sq.ft. of Saleable Area. In addition it has 12 residential projects and one commercial project under construction covering approximately 10.02 million sq.ft. of Saleable Area under development.

The Company owns 49% of the equity shares of Keppel Puravankara Development Private Limited, a joint venture with Singapore based Keppel Land Limited through Keppel Investment Mauritius Private Limited.

Disclaimer:

This press release is not an offer of securities for sale in the United States. The equity shares offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or any applicable state securities laws, and may not be offered or sold within the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy securities nor shall there be any sale of any securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction

Ashish Jalan, Concept PR, + 91 93200 58138 ashish@conceptindia.com

Source: Puravankara Projects Limited (Business Wire India)

Press release presented here is sourced from the Source mentioned above and is provided on as-is basis. Please contact the Company / Source directly for any further information in regard to this release. This website will be unable to assist you in regard to the accuracy or correctness of information in this release.

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