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.
Showing posts with label IVR Prime Urban Developers. Show all posts
Showing posts with label IVR Prime Urban Developers. Show all posts
Monday, July 16, 2007
Tuesday, July 3, 2007
IVRCL Infrastructure proposes Rs2,000 cr IPO for realty arm
IVRCL Infrastructures & Projects Ltd, the Hyderabad-based infrastructure company, plans to go in for an initial public offering (IPO) for its real estate subsidiary IVR Prime Urban Developers Ltd to raise Rs2,000 crore, in continuation of a trend of real estate firms tapping the capital market—DLF Ltd’s Rs9,187 crore IPO, in early June, was oversubscribed 3.5 times. Another developer, Housing Development and Infrastructure Ltd, is seeking to raise Rs1,485 crore through an IPO that is already oversubscribed and which closes on Tuesday.
IVR Prime is in the business of constructing urban infrastructure, typically residential apartments and hotels. “We have certain plans for our real estate arm. In order to realize those plans, we have to raise money,” added Ramachandran. IVRCL Infrastructures, which has an 80% stake in IVR Prime, plans to dilute 20% of its holding in the IPO; the balance 20% is held by the family of the company’s promoter, Sudhir Reddy. Foreign institutional investors such as Citigroup, HSBC, Merrill Lynch, Goldman Sachs and UBS Securities together hold a majority 87.5% stake in IVRCL Infrastructures.
Read more in The Livemint article.
IVR Prime is in the business of constructing urban infrastructure, typically residential apartments and hotels. “We have certain plans for our real estate arm. In order to realize those plans, we have to raise money,” added Ramachandran. IVRCL Infrastructures, which has an 80% stake in IVR Prime, plans to dilute 20% of its holding in the IPO; the balance 20% is held by the family of the company’s promoter, Sudhir Reddy. Foreign institutional investors such as Citigroup, HSBC, Merrill Lynch, Goldman Sachs and UBS Securities together hold a majority 87.5% stake in IVRCL Infrastructures.
Read more in The Livemint article.
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