The initial sale of Rs 600 crore shares of Bengaluru-based Shriram Properties will open for public subscription on December 8.
The initial public offering (IPO) will close on December 10, according to the red herring prospectus.
The company reduced the size of its offer for sale to Rs 350 crore from Rs 550 crore earlier.
Now, the size of the IPO will be Rs 600 crore against Rs 800 crore earlier.
This public offering includes a new issue of shares valued at Rs 250 crore and an offer to sell (OFS) of Rs 350 crore.
Shriram Properties has offered a partial exit to its four existing investors – TPG Capital, Tata Capital, Walton Street Capital and Starwood Capital – who own around 58% of the company’s capital.
As part of the OFS, Omega TC Saber Holdings Pte Ltd will unload shares valued up to Rs 90.95 crore, Tata Capital Financial Services will sell shares valued at Rs 8.34 crore , TPG Asia SF V Pte Ltd will sell shares valued up to Rs 92.20 crore and Wsi / Wsqi V (XXXII) Mauritius Investors Ltd will sell shares valued at Rs 133.5 crore.
The company plans to use the net proceeds of the new issue for the repayment and / or early repayment of debt and general corporate purposes.
The company has a strong presence in South India. She has completed various real estate projects and many projects are under construction.
Despite the COVID-19 pandemic, the Indian real estate industry has seen two successful public issues from Real Estate Investment Trust (REIT).
Mindspace Business Parks REIT, owned by K Raheja, was listed in August last year after raising Rs 4,500 crore, while the public issue of REIT from global investment firm Brookfield valued at Rs.3,800 crore was listed in February of this year.
Macrotech Developers, India’s largest real estate company, formerly Lodha Developers, raised Rs 2,500 crore through the IPO in April.
(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)