The initial public offering of Puravankara Projects Ltd will open on July 31. Price band of the issue is Rs 500-525 per share. The real estate developer is issuing 21,467,610 shares of face value Rs 5 each through 100% book building process. The issue closes August 3. At the lower price band, the company would raise Rs 1,073 crore and at the upper price band it would collect Rs 1,127 crore.
The issue would constitute 10.05% of the fully diluted post-issue paid up capital.The company plans to spend Rs 733.4 crore for land acquisition and Rs 289.9 crore for repayment of loans.Puravankara Projects has projects in Bangalore, Kochi, Chennai, Coimbatore, Hyderabad, Mysore, Colombo and the United Arab Emirates. DSP Merrill Lynch, Citigroup Global Markets and Kotak Mahindra Capital are the book running lead managers to the issue.
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