Real estate firm IVR Prime Urban Developers, a subsidiary of IVRCL Infrastructures & Projects, a Hyderabad-based construction company, has set a price band of Rs 510-600 per share for its initial public offering of 1.41 crore shares. The company will raise Rs 719 crore to Rs 846 crore through the IPO.IVRCL holds 80% in IVR Prime and its holding will come down to 62.35% after the IPO.
IVR Prime Urban Developers, is investing Rs 300 crore in setting up a mall and an IT Park at Gachibowli, Hyderabad. The project will be funded through a mix of internal accruals and debt and is estimated to be completed in 36 months. The company has appointed Bentel & Bentel, a South African architect firm, for designing the project, and Old Mutual of South Africa has been appointed for advising on property and lease management. The mall is proposed to have a multiplex, food courts and an entertainment plaza.
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