Business Daily from THE HINDU group of publications
Friday, Nov 10, 2006
ePaper
Business Daily from THE HINDU group of publications Friday, Nov 10, 2006 ePaper |
|
|
|
|
|
|
|
Markets
-
Interview
The Vice-Chairman & Managing Director at IVRCL Infrastructure and Pojects, Mr Sudhir Reddy says, they are looking at raising money via IVRCL Prime IPO and expect to have a topline of Rs 160-170 crore, and bottomline of Rs 40 crore. Excerpts from CNBC-TV18's exclusive interview with Mr Sudhir Reddy: Could you take us through the development and land acquisition plans that you have with your subsidiary in that space IVR Prime? As of now we own almost about 2,000 acres of land and that encompasses about five main cities of Chennai, Delhi, Bangalore, Pune and in Hyderabad. So all together we have a stock of 50 million square feet to develop in probably next three-five years of time. How much is this total land value up to? On the book value it is about more than Rs 1,200 crore. We have joint development and CBD-central business district land, the high cost land or on a joint development. The joint development is typically done with the landowner. So if you don't take in consideration the Rs 1,200 crore valuation, which is a book value, markets value could be higher. If you can explain to us your plans on IVR Prime? Will the construction business of IVRCL be handed over there and how soon are you looking at a public offer for IVR Prime? There is small correction; no construction business of IVRCL is given to IVR Prime rather IVR Prime's real estate development construction would happen with IVRCL. The whole fact remains that IVR Prime has come about because of the core strength in construction by IVRCL, which is nothing but taking a step forward from our core strength. Are you looking at raising Rs 450-750 crore via IVR Prime and what route might you follow for it? We are looking at raising money by IVR Prime; the route could be the private equity and the IPO, which I will not be able to tell right now but fairly decent level of talks are on now. Are you looking at maybe the next two-three months, this financial year? If it's an IPO then next two-three months but if it's a PE probably next 15-30 days. On the PE particularly, the private equity investment, that you would be looking at for IVR Prime, have you zeroed in on anybody as of now? Yes, there are couple of people we are talking to but as we are also in the process of an IPO, so I am constrained by certain laws. How much of a stake are you looking at diluting at this point in time pre-IPO placement? If it's a pre-IPO then it could be around 10 per cent. How much holding does IVRCL have in IVR Prime and how much of a dilution would there be? IVRCL holds bout 80% of that company.
More Stories on : Interview | Real Estate & Construction | IPOs
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | The Hindu ePaper | Business Line | Business Line ePaper | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2006, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|