The Hindu Business Line : Puravankara sets Rs 500-525 price band

Mumbai, July 25 Realty major Puravankara Projects Ltd proposes to enter the capital market on July 31 with a public issue of 21,467,610 equity shares of Rs 5 each through a 100 per cent book building process. The price band has been fixed at Rs 500- 525. The issue closes on August 3.

It proposes to raise Rs 1,070 crore at the lower end of the price band and Rs 1,123.50 crore at the upper end. The issue will constitute 10.05 per cent of the fully diluted post-issue paid-up capital of the company.

At least 60 per cent of the issue will be allocated on a proportionate basis to qualified institutional buyers, of which 5 per cent will be available for allocation on a proportionate basis to mutual funds only. The remainder will be for QIBs and mutual funds. Further, up to 10 per cent of the issue will be available for allocation on a proportionate basis to non- institutional bidders and up to 30 per cent to retail individual bidders, subject to the bids being received at or above the issue price.

Puravankara Projects’ operations cover Bangalore, Kochi, Chennai, Coimbatore, Hyderabad, Mysore, Colombo and the UAE. The company has completed 14 residential and one commercial project totalling 3.93 million sq ft of developable area. Ongoing projects aggregate 12.20 million sq ft of saleable area.

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