Kalpataru Ltd Files IPO to Raise Rs 1,590 Cr - Real Estate News
By Rediff Money Desk, New Delhi Aug 15, 2024 12:27
Realty firm Kalpataru Ltd plans to raise up to Rs 1,590 crore through an IPO to reduce debt. The Mumbai-based company has filed a draft prospectus with SEBI.
![Kalpataru Ltd Files IPO to Raise Rs 1,590 Cr - Real Estate News](https://im.rediff.com/money/2016/mar/14realty1.jpg)
New Delhi, Aug 15 (PTI) Real estate firm Kalpataru Ltd has filed draft prospectus with market regulator SEBI to launch its initial public offering (IPO) for raising up to Rs 1,590 crore, mainly to reduce debt.
The Mumbai-based company has filed the draft red herring prospectus (DRHP) to launch its IPO, which comprises fresh issue of shares, having face value of Rs 10 each, aggregating up to Rs 1,590 crore.
It would use Rs 1,192.5 crore for repayment/prepayment, in full or in part, of certain borrowings.
"We are an integrated real estate development company involved in all key activities associated with real estate development, including the identification and acquisition of land (or development rights thereto), planning, designing, execution, sales, and marketing of our projects," the DRHP said.
The company has a portfolio of 40 ongoing, forthcoming and planned projects comprising 49.77 million square feet area. Of these 25 projects having 22 million square feet are currently underway.
While a majority of the company's projects are located in the Mumbai Metropolitan Region (MMR) and Pune, Maharashtra, it has two ongoing projects in Hyderabad, Telangana and Noida, Uttar Pradesh. It has land banks in Surat, Gujarat; Nagpur, Maharashtra; and Udaipur, Rajasthan.
Kalpataru Ltd is part of the Kalpataru group. Other companies in the group are -- Kalpataru Projects International Ltd, Property Solutions (India) and Shree Shubham Logistics Ltd.
Kalpataru Group was established in 1969 by Mofatraj P Munot and has a legacy of 55 years.
The Group has a multi-national presence and has operations in EPC contracting for power transmission and distribution, oil and gas, railways, civil infrastructure projects, warehousing and logistics, and facility management.
Further, Kalpataru Projects International Ltd is listed on the NSE and BSE.
ICICI Securities Ltd, JM Financial Ltd and Nomura Financial Advisory and Securities (India) Private Ltd are the book running lead managers for the issue.
The Mumbai-based company has filed the draft red herring prospectus (DRHP) to launch its IPO, which comprises fresh issue of shares, having face value of Rs 10 each, aggregating up to Rs 1,590 crore.
It would use Rs 1,192.5 crore for repayment/prepayment, in full or in part, of certain borrowings.
"We are an integrated real estate development company involved in all key activities associated with real estate development, including the identification and acquisition of land (or development rights thereto), planning, designing, execution, sales, and marketing of our projects," the DRHP said.
The company has a portfolio of 40 ongoing, forthcoming and planned projects comprising 49.77 million square feet area. Of these 25 projects having 22 million square feet are currently underway.
While a majority of the company's projects are located in the Mumbai Metropolitan Region (MMR) and Pune, Maharashtra, it has two ongoing projects in Hyderabad, Telangana and Noida, Uttar Pradesh. It has land banks in Surat, Gujarat; Nagpur, Maharashtra; and Udaipur, Rajasthan.
Kalpataru Ltd is part of the Kalpataru group. Other companies in the group are -- Kalpataru Projects International Ltd, Property Solutions (India) and Shree Shubham Logistics Ltd.
Kalpataru Group was established in 1969 by Mofatraj P Munot and has a legacy of 55 years.
The Group has a multi-national presence and has operations in EPC contracting for power transmission and distribution, oil and gas, railways, civil infrastructure projects, warehousing and logistics, and facility management.
Further, Kalpataru Projects International Ltd is listed on the NSE and BSE.
ICICI Securities Ltd, JM Financial Ltd and Nomura Financial Advisory and Securities (India) Private Ltd are the book running lead managers for the issue.
Source: PTI
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- Vodafone Idea L
- 15.79 (+ 2.00)
- 29184572
- GTL Infrastructure
- 2.67 ( -1.11)
- 28749307
- Suzlon Energy Ltd.
- 76.78 ( -4.96)
- 23632361
- Integra Essentia
- 4.53 ( -6.60)
- 23054326
- Filatex Fashions
- 1.42 (+ 2.90)
- 20800891
MORE NEWS
![Mahindra Thar...](https://im.rediff.com/80-80/money/2020/aug/17mahindra-thar6.jpg)
Mahindra Thar Aims for Mid-Size SUV Leadership
Mahindra targets top spot for its Thar range in the rapidly growing mid-size SUV...
![India's Reforms...](https://im.rediff.com/80-80/news/2020/may/11pm-modi1.jpg)
India's Reforms Attract Global Investment: PM Modi
PM Modi emphasizes India's commitment to reforms, highlighting its attractiveness to...
Nearly 2,000 Housing Projects Stalled in India:...
PropEquity reports nearly 2,000 housing projects stalled across 42 Indian cities,...