Kalpataru Ltd. filed preliminary papers with the capital markets regulator Securities and Exchange Board of India to raise funds through an initial public offering.
The proposed public offering consists of a fresh issue of Rs 1,590 crore consisting of 159 crore shares of face value Rs 10 each, according to the draft red herring prospectus.
Of the net proceeds from the issue, Rs 1,192.5 crore will be used to repay borrowings—Rs 300 crore debt of the company, and Rs 892.5 crore of its subsidiary. The remainder will be used for general corporate purposes.
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The company is an integrated real estate development company with activities associated with real estate development, identification and acquisition of land, planning, designing, execution, sales, and marketing of its projects.
While a majority of its operations are in the Mumbai Metropolitan Region in Maharashtra, it also has two ongoing projects in Hyderabad, Telangana and Noida, Uttar Pradesh, as well as land reserves in Surat, Gujarat; Nagpur, Maharashtra; and Udaipur, Rajasthan.
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ICICI Securities Ltd., JM Financial Ltd., and Nomura Financial Advisory and Securities Pvt. Ltd. will be the book-running lead managers for the issue.
The company is part of the Kalpataru group, along with Kalpataru Projects International Ltd., which is listed on the NSE and BSE.
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