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Saturday, January 06, 2007

Puravankara to enter capital markets, files with Sebi

Puravankara Projects, 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, IPO of equity shares, as per press release.

The company proposes to offer 2,14,67,610 equity shares of Rs 5 each. 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 upto 10% of the issue will be allotted to non-institutional investors and the balance upto 30% will be allotted to retail investors.

DSP Merrill Lynch, Citigroup Global Markets India and Kotak Mahindra Capital 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.

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 sqft of saleable area. In addition, it has 12 residential projects and one commercial project under construction covering approximately 10.02 million sqft 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

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