Prestige Estates Projects files IPO documents with SEBI

Bangalore based Prestige Estates Projects is proposing to enter the capital markets with a public issue of its equity shares having face value of Rs 10 each for cash at a price aggregating to Rs 12,000 million to be decided through a 100% book-building process.  The company is also mulling a pre-IPO placement offer of Rs 2,000 million.

The company has already filed a draft red herring prospectus with market regulator, the Securities and Exchange Board of India (SEBI) for the same purpose. The equity shares of the company are proposed to be listed on Bombay Stock Exchange (BSE) and National Stock Exchange of India (NSE).

Enam Securities (P), Kotak Mahindra Capital, J.P Morgan India, UBS Securities India (P), Link Intime India (P) are helping the company in the fund raising process.

The proceeds of the issue would be used to finance the ongoing projects and projects and projects under development. The proceeds will be also deployed in investing in its existing subsidiaries which undertake the projects. Further, the issue proceeds would also be used for acquisition of land and repayment of certain loans of the company.

Of the total equity float, at least 60% of the issue shall be allocated on a proportionate basis to qualified institutional bidders (QIBs), provided the company may allocate up to 30% of the QIB portion to anchor investor on discretionary basis. Further 5% of the QIB portion that would be especially reserved for mutual funds. Further, not less than 10% of the issue shall be available for allocation on a proportionate basis to non-institutional bidders and not less than 10% of the issue shall be available for allocation on a proportionate basis to retail individual bidders, subject to valid bids being received at or above the issue price.

Prestige Estates Projects is one of the leading real estate development companies in south India. It currently owns or holds development rights for 52.57 million sq. ft. of Developable Area, which includes 24.49 million sq. ft. of Saleable Area and 9.64 million sq. ft. of Leasable Area.

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