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Our Bureau

Total issue constitutes 25.25% of post issue

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Pune Feb. 6 The Pune-based real estate developers Kolte-Patil Developers Ltd on Tuesday filed a draft red herring prospectus with the Securities and Exchange Board of India for an initial public offering (IPO) of equity shares through a book building process.

On offer are 1.9 crore equity shares of Rs 10 each for cash at a premium, comprising a net issue of 1.8 crore shares to the public and a reservation of 1.9 lakh shares for eligible employees.

The total issue will constitute 25.25 per cent of the company's post-issue paid-up capital.

Of the net issue to the public, up to 50 per cent will be available for qualified institutional buyers (QIB), 15 per cent to non-institutional bidders and up to 35 per cent to retail individual bidders.

The issue is to finance land acquisition, construction and development costs for some of the proposed projects.

KPDL is developing 28 projects to generate over 14.58 million sq. ft of saleable area in Pune and Bangalore, and 20.53 million sq ft in and around Pune and Panvel.

The company's income for the 2005-06 fiscal was Rs 55.10 crore, net profit stood at Rs 2.8 crore, while the earnings per share was at Rs 1.02.

It proposes to list its shares on the National Stock Exchange and the Bombay Stock Exchange.

The lead managers to the issue are DSP Merrill Lynch Ltd and Edelweiss Capital Ltd.

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