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Monday, August 07, 2006

Sobha Developers files DRHP with Sebi

Sobha Developers, a Bangalore-based and one of the leading real estate developer and construction company in India with a focus on residential and contractual projects, filed its draft red herring prospectus, DRHP with the Securities & Exchange Board of India, Sebi, as per press release.

Sobha Developers has proposed to offer 9,476,800 equity shares of Rs 10 each, for cash at a premium to be decided through the book-built process. The issue would constitute 13% of the fully diluted post issue paid-up capital of the company.

P N C Menon, chairman of Sobha Developers, after filing the DRHP said “this is a historic moment for us at Sobha Developers and we look forward to this IPO as an event that will help us welcome new members into our family.”

The company has reserved upto 947,680 equity shares to be offered to its eligible employees. Thus the net offer to public would stand at 8,529,120 equity shares.

Sobha Developers is entering the capital market to raise funds to fund the land acquisition, its on-going and forthcoming projects and repay certain debts.

The book running lead managers to the issue are Kotak Mahindra Capital Company and Enam Financial Consultants. IL&FS Investsmart is the co-book running lead manager.

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