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Wednesday, August 15, 2007

IVR Prime to list on August 16

IVR Prime Urban Developers, a subsidiary of IVRCL Infrastructure and Projects, will list on August 16, 2007 with 6,41,50,000 shares on the bourses. The offer price fixed at Rs 550 per share.

The shares will also start trading in futures and options market with a lot size of 400 shares.

The company had come out with an initial public offering (IPO) of 1,41,50,000 equity shares of Rs 10 each in a price band between Rs 510 and Rs 600 per share. The issue was subscribed 5.75 times.

IVR Prime focuses on integrated townships, residential developments including affordable homes, and commercial projects such as hotels, retail malls and IT Parks.

Of the net proceeds of the issue, the company intends to utilise Rs 57.37 crore for the Jigani project in Bangalore, Rs 334.71 crore for the IT Park and a mall project at Gachibowli in Hyderabad, up to Rs 147.18 crore for repayment of loan to the parent company, up to Rs 41.96 crore for loan repayment to the Karnataka Bank and Rs 85.70 crore for payment of the cost towards acquiring development right from the parent company.

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