Raheja Universal IPO : Files DRHP with SEBI

by khalid on 04/04/2010 · 0 comments

Raheja Universal is a Mumbai-based leading realty firm. The company has filed a Draft Red Herring Prospectus (DRHP) with market regulator SEBI to float its IPO. The company wants to raise money from primary market with an IPO of Rs 864 crores through the equity shares of face value Rs 10, with a premium decided by the 100% book building process. 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.

The proceeds of this IPO will be used by the company for 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. The equity shares of the company are proposed to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

The company currently owns 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.

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.

Registrar for this proposed IPO is Link Intime India Private Limited.

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