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Monday, March 20, 2006

Parsvnath Developers files DRHP with Sebi

Parsvnath Developers has filed its draft red herring prospectus, DRHP, with the Securities and Exchange Board of India, Sebi, for a public issue of upto 3,32,38,000 equity shares, according to a release.

Of the total equity float, upto 3,30,38,000 equity shares are for the public, while the balance upto 2,00,000 shares are reserved for eligible employees of the company.

The issue would constitute 25.15% of the fully diluted post issue paid up capital of the company, while the net offer to the public would constitute 25% of the fully diluted post issue paid up capital of Parsvnath Developers.

While the face value of the equity shares is Rs 10 each, the pricing of the issue is to be determined through 100% book building process.

A minimum of 50% of the net offer to the public shall be allocated to qualified institutional buyers, QIBs, and upto 35% shall be available for allocation on a proportionate basis to the retail bidders.

The equity shares are proposed to be listed on Bombay Stock Exchange and National Stock Exchange.

The objectives of the issue are to meet the cost of development and construction of some of company’s projects and achieve the benefit of listing.

The company has appointed Enam Financial Consultants, JM Morgan Stanley and DSP Merrill Lynch as the lead managers.

Parsvnath Developers, PDL, is the flagship company of Parsvnath Group. It has a presence in 30 cities in nine states in India.

PDL has diversified its portfolio of real estate development projects. It is currently developing 12 integrated townships, 19 residential projects, 20 commercial complexes including shopping malls and multiplexes and one hotel.


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