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NEW LAUNCH: Mr P.N.C. Menon (left), Chairman, Sobha Developers Ltd, with Mr Ravi Menon, Vice-Chairman, at a press conference to announce the company's IPO in Mumbai on Monday. - Paul Noronha

Mumbai , Nov. 13

The Bangalore-based Sobha Developers Ltd (SDL) is coming out with a public issue of 88,93,332 equity shares of Rs 10 each through book building process in the price band of Rs 550-Rs 640 per share.

The issue comprises a reservation of up to 8,89,300 equity shares for SDL's permanent employees and a net issue to the public of 80,04,032 equity shares. It constitutes 12.20 per cent of the post-issue paid-up capital of the company.

The issue opens for subscription on November 23 and closes on November 29.

Out of the net issue, at least 60 per cent would be allocated on a proportionate basis to FIIs and domestic Qualified Institutional Buyers.

About 10 per cent of the total issue will be available for allocation on a proportionate basis to non-institutional bidders and 30 per cent will be available for allocation on a proportionate basis to retail individual bidders.

"We have developed and constructed 21 residential projects in Bangalore covering approximately 2.98 million sq. ft, 75 contractual projects in eight Indian States covering about 8.42 million sq. ft and two commercial projects aggregating 0.11 million sq. ft.

SDL has land reserves measuring to about 2,747 acres in Bangalore, Mysore, Pune, Chennai, Kochi, Thrissur and Coimbatore,'' said Mr P.N.C. Menon, Chairman, SDL, at a press conference called to announce the offering.

The company proposes to utilise the net proceeds of the issue to finance land acquisition and fund ongoing projects.

A part of proceeds would be used to repay certain loans.

Kotak Investment Banking, Enam Financial Consultants and IL&FS Investsmart Ltd are the book running lead managers.

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