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Bangalore Based Real Estate Firm Nitesh Estates Rs 405 crore IPO to open on April 23
Real estate firm Nitesh Estates said its Rs 405 crore initial public offer (IPO) will open on April 23. The public offer will close on April 27, the Bangalore- based firm said at a public announcement. The company plans to utilise the IPO proceeds to fund its existing subsidiaries and the associate company, for repayment of loans, redemption of debentures and for general corporate purposes. Meanwhile, according to Reuters, the company plans to sell its public offer in a price range of Rs 61 to 69 rupees a share.
ICICI Securities, Enam Securities, Kotak Mahindra Capital Company and JM Financial Consultants are the book running lead managers to the issue. Shares offered through the IPO are proposed to be listed on the National Stock Exchange and the Bombay Stock Exchange. Nitesh Estates had five residential and one commercial projects under development in Bangalore, as at November 2009, covering nearly 4 million sq ft. It is also jointly developing a hotel project under the ‘Ritz-Carlton’ brand name in the city. It plans to further expand a presence in southern India by developing projects at Chennai and Kochi.
News Published Under: Bangalore, Real Estate India | 1 Comment »
Dear sir
We Have 1 acre 7 gunta (aprox 50000sq.ft.)industrial converted land just before 11 km from Tumkur and 9km from davospeth,2km from NH4 attached to Tar road.we expect to sale it..We expect 1.12 crore
Reg
Aajay Khemka