HCC's Lavasa Corp to raise Rs 2,000 cr through IPO next year

Lavasa Corporation, a subsidiary of Hindustan Construction Company, plans to hit the capital market to raise around Rs 2,000 crore through an initial public offering during the second half of next year.

The company has raised Rs 650 crore by offloading equity of 6.5 per cent to various banks like Axis Bank, Allahabad Bank and Bank of India, valuing the firm at Rs 10,000 crore, in the last one year.

In the quarter ended September, Andhra Bank and United Bank of India has made an investment of Rs 75 crore in Lavasa Corporation through Deep Discounted Convertible Debentures.

The company has now commenced laying infrastructure for the second phase of the project.