Mumbai (Maharashtra) [India], Nov 21: Realty firm Puranik Builders has filed fresh papers with the Securities and Exchange Board of India (SEBI) to raise about Rs 1,000 crore through its initial share sale.
The initial public offering (IPO) comprises a fresh issue of shares worth Rs 810 crore besides an offer for sale up to 18.59 lakh equity shares by the company’s promoters and existing shareholders, according to draft papers filed with the market regulator. Proceeds of the issue will be utilised towards repayment of the 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.
According to market sources, size of the IPO is about Rs 1,000 crore. Edelweiss Financial Services Ltd and Axis Capital will manage the company’s initial share-sale. The shares will be listed on BSE and NSE.
Earlier in June 2018, Puranik Builders had approached SEBI with its IPO papers. It got the regulator’s clearance to launch public issue but did not go ahead at that time.