Sri Lotus Developers and Realty gets SEBI's nod for Rs 792 crore IPO
Bollywood stars and renowned investor Ashish Kacholia-backed Sri Lotus Developers and Realty has received the Securities and Exchange Board of India’s (SEBI's) approval to raise Rs 792 crore through an initial public offering (IPO). The issue is completely a fresh issue of shares with no offer for sale (OFS) component.
Proceeds from the fresh issue will be used for investment in its subsidiaries Richfeel Real Estate, Dhyan Projects, and Tryksha Real Estate Pvt Ltd, for part-funding the development and construction cost of its ongoing projects, Amalfi, The Arcadian and Varun. Besides, a portion will be used for general corporate purposes. Monarch Networth Capital and Motilal Oswal Investment Advisors are the book- running lead managers to the issue. The equity shares are proposed to be listed on the NSE and BSE.
Sri Lotus Developers and Realty is a developer of residential and commercial properties located in Mumbai, Maharashtra, specializing in redevelopment projects within the ultra-luxury and luxury segments of the western suburbs.
