Sobha Developers files draft prospectus with SEBI

Mumbai, Aug 5: Sobha Developers Ltd, a Bangalore-based real estate developer with a focus on residential projects, has filed its Draft Red Herring Prospectus with the Securities and Exchange Board of India (SEBI).

Accordingly, Sobha Developers has proposed to offer 9,476,800 equity shares of Rs 10 each for cash at a premium to be decided through the book-built process, said the company's release.

The issue would constitute 13 per cent of the fully-diluted post- issue paid-up capital of the company.

Sobha Developers Chairman P N C Menon, after the filing the DRHP, said: ''This is a historic moment for us and we look forward to this IPO as an event that will help us welcome new members into our family.'' The company has 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. It is entering the capital market to raise funds to fund the land acquisition, its ongoing and forthcoming projects and repay certain debts.

The Book Running Lead Managers for the issue are Kotak Mahindra Capital Company and Enam Financial Consultants. IL&FS Investsmart is the Co-Book Running Lead Manager, the release added.

UNI