Sobha Developers file DRHP with SEBI

Bangalore, Aug 5 (UNI) The Bangalore based construction major Sobha Developers Limited today announced filing of draft Red Herring Prospectus with the SEBI for an Initial Public Offer (IPO) of 94,76,800 equity shares of Rs.10 each, for cash at a premium to be decided through the book-building process.

The issue would constitute 13 per cent of fully diluted post issue paid-up capital, the Company said in a release.

Sobha Developers Chairman P N C Menon described the filing as an historic moment for the company.

The company had reserved upto 947,680 equity shares to be offered to its eligible employees. Thus the net offer to public would stand at 8,529,120 equity shares.

Sobha Developers Limited was entering the capital market to raise funds for land acquisition, its on-going and forthcoming projects and repay certain debts.

The book running lead managers to the issue were Kotak Mahindra Capital Company Ltd and Enam Financial Consultants Private Ltd.

IL&FS Investsmart Limited was the Co-Book Running Lead Manager.

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