Nitesh Estates Limited IPO : Opening on 23rd Apr 2010

by khalid on 19/04/2010 · 0 comments

Nitesh Estates Limited is in the business of real estate development, primarily residential projects in Bengaluru. Nitesh Estates is also developing its first hospitality project, the first ‘Ritz-Carlton’ brand hotel in India, on Residency Road in the central business district of Bengaluru. The company is entering into primary market with an Initial Public Offer (IPO) of Rs 450 crores. Initial Public Offer is opening from 23rd April 2010 and the shares will be available for subscription up to 27th April 2010. Face value of the share is Rs 10 per shar. The premium of the issue will be decided through a 100% Book Building Process. The price band for the issue has not yet been fixed by the company. It will be provided here in bellthebull as soon as it is available.

The proceeds of the IPO will be used for acquiring joint development rights for the company, funding of the existing subsidiaries, repayment/prepayment of loans, redemption of debentures, finance Ongoing Projects and finance the acquisition of joint development rights, repayment of certain loans of the company and funding the expenditure for general corporate purposes.

The equity shares of the company are proposed to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

Issue Detail:-
Issue Open : 23rd April 2010 – 27th April 2010
Issue Type : 100% Book Built Issue IPO
Issue Size : Rs. 450 Crores
Face Value : Rs 10 Per Equity Share
Issue Price : Rs. 54 – Rs. 56 Per Equity Share
Market Lot : 100 shares
Minimum Order Quantity : 100 shares
Listing At : BSE, NSE

Book running lead managers to the issue are Enam Securities Private Limited,
ICICI Securities Limited, and Kotak Mahindra Capital Company Limited.

Registrar of the Issue is Karvy Computershare Private Limited, Hyderabad.

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