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Lavasa Corp planning an IPO: Media Report


06 Aug 2014
Lavasa Corporation, the real estate subsidiary of Hindustan Construction Company (HCC) is planning to raise Rs 750 crore through an initial public offering (IPO) and has already filed the documents with the Securities and Exchange Board of India (Sebi).

This is the second time the company is looking to list its shares. Earlier, the company had to exit and terminate its IPO plans in 2010 due to poor market conditions.

In its filing, HCC said,”Lavasa Corporation has filed its draft red herring prospectus with Sebi on July 01, 2014 in order to undertake an initial public offering of its equity shares of Rs 10 each aggregating to Rs 750 crore.”

HCC Real Estate, the realty arm of Ajit Gulabchand’s Hindustan Construction Company, holds a 68.7 per cent stake in Lavasa, while Gautam Thapar’s Avantha Group owns 17.18 per cent. Other stakeholders are Venkateshwara Hatcheries (7.81 per cent) and Pune-based investor Vinay Maniar (6.29 per cent).

Axis Capital, Kotak Mahindra Capital and ICICI Securities are bankers to the issue.
Source: Dion Global   Type: IPO Related