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Coimbatore, May 16 Bangalore-based real estate developer Puravankara Projects Ltd has proposed to issue up to 2.15 crore shares of Rs 5 each to qualified institutional buyers through an Institutional Placement Programme (IPP).
However, the price and date of offering are yet to be decided. At the current market price, the mobilisation may be around Rs 200 crore.
In a communication to stock exchanges, Puravankara said the IPP committee of the board has decided to offer 2,15,68,501 equity shares of Rs 5 each, with a right to allot up to an additional number of 21,56,850 shares if there is over subscription, to eligible Qualified Institutional Buyers through an IPP.
The floor price and timing of the proposed issue would be decided in consultation with the issue lead managers, the notification said.
The stock is trading at Rs 95.80, a gain of Rs 1.30, on the NSE in the opening minutes of trading on Thursday. The scrip’s 52-week high is Rs 122.90 that it touched on January 18 this year.
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