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Paul Noronha

Mr Rajesh Patil, (left) CMD, Kolte-Patil Developers with Mr Hardeep Dayal, Group CEO, Lolte-Patil Developers at a press conference in Mumbai on Wednesday. —

Our Bureau

Mumbai, Nov. 7 Kolte-Patil Developers Ltd, a real estate developer, will be entering into the capital market with an initial public offering (IPO) of 1.9 crore equity shares of Rs 10 each for cash at a price to be fixed through a 100 per cent book-building process.

The issue will be open from November 19 to November 22.

The price band has been fixed between Rs 125 and Rs 145 per equity share. The equity shares are proposed to be listed on both the BSE and NSE.

The proceeds from the issue will be used to acquire developmental rights, meet the development and construction costs of existing projects, the issue expenses, general corporate purposes and to attain the benefits of listing on the stock exchange.

The issue will include a net issue of 1.8 crore equity shares offered to the public and 1.8 lakh equity shares will be reserved for eligible employees. Of the total equity float, 50 per cent of the shares on offer to public will be allotted to qualified institutional buyers, 15 per cent will be allotted to non-institutional buyers and 35 per cent will be allotted to retail investors.

More Stories on : IPOs | Real Estate & Construction

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