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Friday, April 02, 2010

Raheja Universal files DRHP for Rs 864 cr IPO



A Mumbai-based realty firm Raheja Universal has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi). It is looking to raise upto Rs 864 crore through this issue.

The company is considering pre-initial public offer (IPO) placement of up to 65 lakh equity shares aggregating upto Rs 200 crore with various investors.

For the period of six-months ended on September 30, 2009, the company reported net loss of Rs 11.97 crore and total income of Rs 358.74 crore. It has debt of Rs 885.69 crore on its books.

It had a total unconsolidated debt of Rs 673.4 crore and as of February 2010, 63% of unconslidated debt was with one lender.

The company intends to use the issue proceeds for construction and development expenses of RICC-I –Tower 1 (Rs 315 crore for this project), a commercial Ongoing Project; acquisition of land and/or land development rights (Rs 175 crore); pre-payment and/or re-payment of certain loans availed by company (Rs 158.5 crore); and general corporate purposes.

Raheja Universal is one of the leading real estate development companies in India with operations primarily in the Mumbai Metropolitan Region. It currently owns or holds development rights for 103.48 million sq. ft. of developable area of which saleable area is 70.19 million sq. ft. Residential projects represent 59.78 million sq. ft. developable area and 44.08 million sq. ft. saleable area. Commercial projects represent 43.70 million sq. ft. developable area and 26.11 million sq. ft. saleable area.

The book running lead managers to the issue are Kotak Mahindra Capital Company Limited, Enam Securities Private Limited, Citigroup Global Markets India Private Limited and Morgan Stanley India Company Private Limited. Link Intime India Private Limited is the registrar.

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