Sri Lotus Developers Launches IPO to Raise Rs 792 Crore
The Sri Lotus Developers and Realty Ltd. has launched its initial public offering today to raise up to Rs 792 crore. The price band is set at Rs 140-150 per share for the three-day IPO, which only comprises fresh issue with no offer for sale. The minimum application lot size is 100 shares.
Key Details of the IPO
The offer concludes on Friday, and the company is set to list on the BSE and the National Stock Exchange. The real estate developer allotted 1.58 crore shares at Rs 150 apiece to 16 anchor investors.
Utilization of Funds
The proceeds will be used for investment in subsidiaries Richfeel Real Estate Pvt., Dhyan Projects Pvt., and Tryksha Real Estate Pvt. for part-funding development and construction cost of ongoing projects and general corporate purposes, as per the draft red herring prospectus.
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