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Tuesday, March 23, 2010

Ambience gets Sebi's nod for Rs 1,300 cr IPO

Realty firm Ambience today said it has received approval from the Securities Exchange Board of India (Sebi) to launch initial public offer (IPO) and is waiting for the right time to hit the capital market.

The company had filed the draft red herring prospectus (DRHP) in September last year to raise up to Rs 1,293 crore.

"We received clearance in February. We are waiting for the suitable and opportune time for the launch," Ambience Group Chairman Raj Singh Gehlot told PTI when asked whether the company has got the Sebi nod to bring IPO.

Besides Ambience, Emaar MGF and Lodha Developers have also got the Sebi's approval for their IPO but are yet to hit the market. Early this month, Emaar MGF had said that its board of directors are considering an opportune time to open our IPO.

While, many public offers including those of PSUs have managed to get fully subscribed the demand has not been much, particularly for big-ticket issues.

Ambience plans to dilute between 10 and 15 per cent to raise nearly Rs 1,300 crore through maiden public offer. It would utilise about Rs 475 crore to make part repayment of Rs 2,500 crore debt, while another Rs 470 crore would be deployed for constructions of existing and future projects.

About Rs 150 crore will be used for paying external development charges for some projects awarded by the Haryana government.

The Delhi-based firm has a land bank of 800 acres, of which about 100 acres are under development. It plans to develop the remaining land over the next 3-4 years.

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