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Lavasa Corporation to launch IPO worth Rs. 750 crore

No Comments Sub Category:Real estate trends,Realty News Posted On: Jul 03, 2014

Hindustan Construction Company’s subsidiary Lavasa Corporation has filed a draft red-herring prospectus with the Securities and Exchange Board of India (SEBI) on Tuesday and informed the exchanges. The company decided to raise funds from the primary market through the launch of an IPO worth ₹750 crore.

The company’s spokesperson also mentioned that the issue is subject to receipt of requisite regulatory approvals, market conditions and other considerations. The company’s documents show a whopping increase in volumes by 5.25 times. The issue value went up to Rs. 49 which was its new 52 week high. It ended the day at Rs.48.45, up Rs.1.75 or 3.75 %, on the BSE on Tuesday.

The company will discuss about the price band, the retail discount and the minimum bid lot size of the issue with the Book Running Lead Managers of the issue comprising Axis Capital, Kotak Mahindra Capital Company and ICICI Securities. The price will be announced at least five working days prior to the issue opening date and it will be decided after the consultation with the Book Running Lead Managers mentioned above.

At least 75 % of the issue shall be allotted on a proportionate basis to Qualified Institutional Buyers (QIBs) and the company may allocate up to 30 % of the QIB category to anchor investors on a discretionary basis.

Source- The Hindu Business Line

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