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Sobha Developers to raise up to Rs 569 crore through IPO.

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Real estate development and construction company Sobha Developers Limited (SDL) said it will raise up to Rs 569 crore through its IPO, which will hit the capital market on November 23.

SDL proposes to issue 8,893,332 equity shares of Rs 10 each at a price band of Rs 550-Rs 640 per share through the 100 per cent book building process, the company said in release.

The IPO comprises a reservation of up to 889,300 equity shares for SDL’s permanent employees and a net issue of 8,004,032 equity shares to the public.

The public issue, which closes on November 29, would constitute 12.20 per cent of the fully diluted capital of SDL.

Of the net issue, at least 60 per cent would be allocated on a proportionate basis to FIIs and domestic Qualified Institutional Buyers, while up to 10 per cent would be available to Non-Institutional Bidders and 30 per cent to Retail Individual Bidders, it said.

In October, SDL completed a pre IPO placement of 486,223 equity shares with Kotak Mahindra Private Equity Trustee Limited and 97,245 equity shares with Bennett, Coleman and Co Ltd.

Kotak Mahindra Capital Company Limited and Enam Financial Consultants Private Limited are the Book Running Lead Managers to the IPO and IL&FS Investsmart Limited and ICICI Securities Limited are the Co-Book Running Lead Managers, the release added.

Source : http://www.newkerala.com

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