Parsvnath Developers to come out with public issue

Mumbai, Mar 17 (UNI) Parsvnath Developers Limited has filed its draft red herring prospectus (DRHP) with SEBI for its proposed public issue of up to 3,32,38,000 equity shares, according to a release here today.

While the face value of the equity shares is Rs 10 each, the pricing of the issue will be determined through the 100 per cent book-building process.

Of the total equity float, up to 3,30,38,000 equity shares are for the public, while the balance up to 2,00,000 shares are reserved for eligible employees of the company.

The release said that the issue would constitute 25.15 per cent of the fully diluted post-issue paid-up capital of the company, while the net offer to the public would constitute 25 per cent of the fully diluted post issue paid-up capital of the company.

The proceeds will be used to meet the cost of development and construction of some of the company's projects and to achieve the benefit of listing, said the release.

The company has appointed Enam Financial Consultants Pvt Ltd, J M Morgan Stanley and DSP Merrill Lynch as the lead managers to its issue.

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