Kolte Patil to launch IPO on Nov 19, eyes Rs 275 cr

New Delhi, Nov 12 (UNI) Pune-based Kolte-Patil Developers Ltd today said it will launch its Initial Public Offer (IPO) on November 19 for 19,000,836 equity shares for Rs 10 each to raise Rs 275 crore for its real estate projects.

''We plan to raise about Rs 275 crore through a 100 per cent book building issue in a price band of Rs 125-Rs 145,'' said group CEO Hardeep Dayal.

The isuue closes on November 22.

The funds raised will be used to finance acquisition of development rights and to finance construction and development of ongoing projects.

The company is also planning to foray into the hospitality sector with tie-ups with UK-based Arora International. ''We have entered into a tie-up but the share has not been decided. Two properties in Pune and Bangalore have already been acquired and construction will be completed over the next three years,''Mr Dayal added.

UNI