New Delhi: Real estate firm Kolte-Patil Developers Ltd plans to raise about Rs 275 crore from the capital market to fund its land acquisition and proposed future projects.
"We are planning to raise about Rs 275 crore from the Initial Public Offer (IPO)," Kolte-Patil Group CEO Hardeep Dayal said here.
The public offer comprises 1.9 crore equity shares of Rs 10 each that would be issued through a 100 per cent book building process. The net issue would constitute 25 per cent of the post issue paid-up equity capital of the company.
The shares would be issued at a price band of Rs 125-145. The issue would open on November 19 and close on November 22.
Kolte-Patil has earmarked an investment of Rs 264 crore for completing the acquisition of 21.58 million sqft of land.
"We will invest Rs 264 crore for completing the formalities for acquiring 21.58 million sq ft of saleable area," Dayal said.
From the IPO proceeds, Rs 176 crore would be utilised for this purpose, he said, adding the remaining would come from internal accrual. "The balance amount from the IPO will be kept for construction activities of the current and proposed projects," he added.
The company has a 50:50 joint venture with ICICI Venture Fund Management Company for developing two integrated townships and one IT park.
"ICICI Venture is our partner in developing two townships of 400 acres and 80 acres in Pune. We are also constructing an IT park with them," the Group CEO said.
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