Embassy Property Developments Limited IPO : Likey in next two months

by khalid on 23/11/2010 · 0 comments

The Initial Public Offer (IPO) of Embassy Property Developments Limited is likely to hit the market in next two months. The Board of Indian real estate firm Embassy Property Developments has approved to come out with an initial public offering (IPO) to raise Rs 2400 crore. Market regulator SEBI is expected to approve the DRHP next week for the IPO. The company proposes to issue up to — crore fresh equity shares of Rs 10 each at a price deciced through a 100% book building process. The company is also going to consider a pre-IPO placement of Rs 1175 crore worth of equity shares. Embassy Property Developments Limited operates as a real estate development company in India. The company develops commercial real estate properties, including business parks for the IT/ITeS sector, SEZs, and corporate office space; and residential real estate properties, such as luxury apartments, villas, and townships. It also develops, sells, and leases retail malls; and develops and operates hotels and serviced apartments. In addition, the company provides property management and development management services. It also has operations in Malaysia and Serbia. The company was founded in 1993 and is based in Bangalore, India.

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).

Issue Detail:-
Issue Open : ——-–
Issue Type : 100% Book Built Issue IPO
Issue Size : Equity Shares of Rs 10 each
Issue Size : Rs. 2400 Crores
Face Value : Rs 10 Per Equity Share
Issue Price : Rs. – Rs. Per Equity Share
Market Lot : Shares
Minimum Order Quantity : Shares
Listing At : BSE, 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.

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

Registrar of this issue is Karvy Computershare Private Limited Hyderabad .

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

Source :- BelltheBull

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