Lodha De­vel­op­ers to file for ipo

Realty Plus - - News -

Lodha De­vel­op­ers will soon file draft prospec­tus with mar­kets reg­u­la­tor SEBI to launch its IPO to raise about Rs 5,500 crore mainly for re­pay­ing its debt. It has re­vived its plans to launch an ini­tial pub­lic of­fer (IPO) and will soon file draft red her­ring prospec­tus (DRHP) with SEBI. Ac­cord­ing to sources, the com­pany is look­ing to raise about Rs 5,500 crore through its IPO, in­clud­ing pre-place­ment of shares.the group achieved sales book­ings of about Rs 8,500 crore dur­ing 2016-17 fis­cal from both do­mes­tic mar­ket and Lon­don de­spite slow­down in the real es­tate mar­ket. Pri­vately-held Lodha Group is cur­rently de­vel­op­ing around 40 mil­lion sqft area and has 31 on­go­ing projects in Lon­don, Mum­bai Metropolitan Re­gion, Pune, Ben­galuru and Hy­der­abad. It has a land bank of 350 mil­lion sq.ft for fu­ture de­vel­op­ment.the group had for­ayed into the Lon­don realty mar­ket in 2013 and ac­quired two prime sites in cen­tral Lon­don for an in­vest­ment of about 400 mil­lion pounds. due to some rea­son or other.the gov­ern­ment has al­ready ac­quired RBI’S stakes in State Bank of In­dia and Na­tional Bank of Agri­cul­ture and Ru­ral De­vel­op­ment (Nabard). It was the Narasimhan Com­mit­tee that rec­om­mended the trans­fer of RBI’S stake in State Bank of In­dia, NABARD and NHB to the gov­ern­ment to dif­fer­en­ti­ate the cen­tral bank’s role as the owner of banks and the sec­tor reg­u­la­tor. Af­ter get­ting own­er­ship of NHB, the gov­ern­ment would also have a greater say in the boards of these in­sti­tu­tions and the flex­i­bil­ity to is­sue di­rec­tions to meet its credit ob­jec­tives for the pri­or­ity sec­tor. or 1 per cent to help the in­dus­try which is reel­ing un­der the bur­den of high in­ter­est rates.

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