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Shriram Properties to Raise Rs 900 cr via IPO
Shriram Properties Limited, part of the US $4.2 billion Shriram Group, is considering to raise Rs 900 crore through an initial pubic offering (IPO) in 2007.
The company may take the private equity route to make an investment of Rs 350 crore. It is also holding talks with global PE Players such as Blackstone, Sun Apollo and two more funds.
Shriram Properties denied providing any further specifics about the planning, but confirmed the plans for PE funding and the IPO issue.
The company possesses 1,200 acres of land, primarily in Bangalore and Chennai, and has been focusing to use the land for development of residential real estate projects.
Shriram properties Ltd. has earlier forayed into the development of exclusive shopping malls. The company has five residential projects in its pipeline which are to be developed in Bangalore.
The private equity funding is likely to come directly to the company and will not be routed into a project specific special purpose vehicle (SPV). The deal is expected to be finalized by August 2007.
Sun Apollo, a joint venture company between Delhi-based Khemka family and the US-based Apollo group, may invest largely into an SPV, which Shriram Properties floated in 2006 for the construction of an integrated residential complex in Chennai.
News Published Under: Real Estate Developers | 1 Comment »
thanks for the information