New equity shares of 250 crore rupees will be issued. At the same time, a sales offer (OFS) of Rs 550 crore will be brought.
Bangalore-based company Shriram Properties has submitted documents with the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO) of Rs 800 crore. Sources said that the company submitted a draft of the documents to the regulator on Friday. According to the documents, the company intends to raise Rs 800 crore through an IPO.
In this, new equity shares worth Rs 250 crore will be issued. At the same time, a sales offer (OFS) of Rs 550 crore will be brought. Shriram Properties has proposed to partially dilute the stake of its four existing investors..TPG Capital, Tata Capital, Walton Street Capital and Starwood Capital. They have a 58 per cent stake in the company. Under the sale offer, shareholders who sell their shares will get an amount in proportion to their shares. The company will not receive any amount in the sale offer.
Expected approval from SEBI in May
According to information received from sources, the company hopes to get approval from SEBI by May. After that, the company will bring its proposal regarding the IPO. The company has a good presence in South India. It has completed many real estate projects so far and many projects are under construction. In the Corona epidemic, two REITs (Real Estate Investment Trusts) were launched in the Indian market.
Two REITs in corona epidemic
One of them is Mindspace Business Parks REIT, which is owned by the promoter. This company was listed in August 2020. The company had collected 4500 crore fund through IPO. At the same time, the Global Investment Fund Brookfield’s REIT came in February this year. The company had raised funds of 3800 crores through this.
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