Shriram Properties plans file draft papers for Rs 800 crore IPO: File

Shriram Properties will reportedly use the proceeds from the IPO to chop a allotment of its Rs 600 crore debt and help some buyers exit the company.

April 06, 2021 / 11: 25 AM IST

Shriram Properties is planning to file a draft prospectus for an initial public offering (IPO) and use the money raised to repay debt liabilities and in part retire its new buyers.

The residential genuine property fashion company will file a draft red herring prospectus in the upcoming weeks for an IPO to elevate to Rs 800 crore, Mint reported citing folk responsive to the arrive.

Shriram Properties will reportedly use the amount raised to retire a allotment of its Rs 600 crore debt and help buyers, in conjunction with Walton Toll road Capital, Starwood Capital Community, Tata Capital and TPG Capital, attach an exit from the company.

The Shriram Community had earlier deliberate to raise Rs 1,250 crore in 2018-19 after receiving approval from the Securities and Alternate Board of India (SEBI) in 2019. The amount to be raised used to be diminished to Rs 750 crore closing year, constant with the records list.

Moneycontrol could maybe per chance additionally now not independently confirm the list.

The public issue of Macrotech Builders (erstwhile Lodha Builders) will birth for subscription on April 7. The issue has reportedly garnered investor ardour. Macrotech mainly proposes to diminish debt by as a lot as Rs 1,500 crore and bag land or land developmental rights aggregating as a lot as Rs 375 crore the use of the IPO proceeds.

“Shriram Properties is planning to file the DRHP soon. There is so a lot of optimistic buzz across the Macrotech IPO; dwelling sales have improved put up COVID and the company thinks it’s a gorgeous time to file its DRHP to monetise a surge in ask for predominant market choices," a person responsive to the arrive informed the newspaper.

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