Sri Lotus Developers files Rs 792 crore IPO papers with SEBI
Bollywood stars and renowned investor Ashish Kacholia-backed Sri Lotus Developers and Realty has filed draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to raise Rs 792 crore through an initial public offering (IPO). The IPO is completely a fresh issue of shares with no Offer-for-Sale (OFS) component. The offer also includes a reservation for subscription by eligible employees.
The proceeds from the fresh issue to the extent of Rs 550 crore will be used for investment in its subsidiaries, Richfeel Real Estate, Dhyan Projects and Tryksha Real Estate for part-funding the development and construction cost of its ongoing projects, Amalfi, The Arcadian and Varun, respectively; 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.
Sri Lotus Developers is a real estate developer engaged in construction of residential and commercial premises in Mumbai, Maharashtra, with a focus in redevelopment projects in the ultra luxury segment and luxury segment in the western suburbs.
