Embassy Property Developments Limited IPO : Files DRHP With SEBI

by khalid on 04/08/2010 · 0 comments

Embassy Property Developments Limited is Bangalore based infra development company founded in 1986. The company has filed a Draft Red Herring Prospectus (DRHP) with market regulator Securities and Exchange Board of India (SEBI) on 13th July 2010 to float its Initial Public Offer (IPO), of the Equity Shares. The company plans to raise money from primary market with an IPO of —– equity shares of face value Rs 10 each, with a premium decided by the 100% book building process. The issue size of this IPO will be Rs 2400 crore . The company is also going to consider a pre-IPO placement of Rs 1175 crore worth of equity shares.

The Promoters of the Company are Mr. Jitendra Virwani, JV Holding Pvt. Ltd. and JV Family Trust.

The Equity Shares are proposed to be listed on the Bombay Stock Exchange Limited (BSE) and the National Stock Exchange of India Limited (NSE).

The objects of the fresh issue :- The money raised from this IPO will be utilize by the company for for financing the construction and development of ongoing projects; investment in certain subsidiaries and associates for the construction and development of ongoing/proposed projects; paying certain loans and investment in certain subsidiaries and associates for prepayment and/or repayment of their loans.

As at June 30, 2010, the developable area of company land reserves aggregated into approximately 136.59 million sq ft.

Book Running Lead Managers (BRLMs) to the offer are Citigroup Global Markets India Private Limited and Edelweiss Capital Limited

Registrar of this issue : Karvy Computershare Private Limited Hyderabad .

Stay tuned to BelltheBull Blog for more on Embassy Property Developments Limited IPO!

Source :- BelltheBull

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