Shriram Properties has proposed partial exits to its four existing merchants -- TPG Capital, Tata Capital, Walton Avenue Capital and Starwood Capital -- which abet around 58 per cent stake in the firm.
Bengaluru-based Shriram Properties has filed a draft chronicle with market regulator Sebi to raise as much as Rs 800 crore by an initial public offer (IPO).
Fixed with sources, Shriram Properties filed the draft crimson herring prospectus (DRHP) on Friday.
As per DRHP, the firm proposes to raise as much as Rs 800 crore by IPO. Out of the total IPO dimension, it plans to raise Rs 250 crore by contemporary procedure back of fairness shares and Rs 550 crore by offer on the market.
Shriram Properties has proposed partial exits to its four existing merchants — TPG Capital, Tata Capital, Walton Avenue Capital and Starwood Capital — which abet around 58 per cent stake in the firm.
In offer on the market, every of the selling shareholders will more than doubtless be entitled to their respective fragment of the proceeds from the offer on the market in proportion of the shares supplied by them.
The firm just isn't very going to receive any proceeds from the offer on the market.
Shriram Properties proposes to utilise the receive proceeds from the contemporary procedure back against repayment and/ or pre-fee of debt and typical corporate capabilities.
Sources had earlier acknowledged that the firm expects to win Sebi nod subsequent month and thereafter this can hit the capital market with the proposed IPO.
The firm has a serious presence in South India. It has performed a quantity of real estate projects and heaps of projects are under building.
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