Firm says venture proceeds to be utilised for paring debt

SPL focusses on mid-market and reasonable housing courses.
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Firm says venture proceeds to be utilised for paring debt

Shriram Properties Ltd. (SPL), a realty agency focussed on the mid-market and reasonable housing courses, filed a draft crimson-herring prospectus with the Securities and Exchange Board of India to raise about ₹800 crore thru an initial public offering (IPO).

The IPO would comprise a new venture of ₹250 crore and a proposal within the marketplace (OFS) of up ₹550 crore by most modern shareholders and promoters. The OFS would comprise sale of shares value ₹147.1 crore by Omega TC Sabre Holdings, ₹13 crore by Tata Capital Financial Products and providers, ₹148.9 crore by TPG Asia SFV Pte Ltd., ₹216 crore by WSI/WSQI V (XXXII) Mauritius Investors Ltd. and ₹25 crore by varied selling shareholders, stated SPL.

The agency proposes to use get proceeds from the new venture in direction of compensation/prepayment of certain borrowings by the corporate and some of its subsidiaries.

Residential situation

In holding with realty advisory JLL, SPL is amongst the five greatest residential proper-estate corporations in south India when it comes to the amount of devices unveiled between calendar 2015 and 2020.

Bengaluru and Chennai, being phase of key residential markets within the nation, contributed to approximately 30% of home launches within the nation between calendar years 2012 and 2020.