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Puranik Builders has filed draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO). The shares of the company are proposed to be listed on both BSE and NSE.

Proceeds of the issue will be utilized towards repayment of loan and other general corporate purposes. In addition, the company plans to receive the benefits of listing of its equity shares on the stock exchanges. Elara Capital (India) and YES Securities (India) are book running lead managers to the issue.

Puranik Builders has a presence of over 31 years in the real estate market in India, developing residential projects in the mid-income affordable housing segment in the Mumbai Metropolitan Region and Pune Metropolitan Region real estate markets.