Parsvnath Developers to enter capital market on Nov 6

New Delhi, Oct 27 (UNI) Real estate major Parsvnath Developers will enter the capital market on November 6 with a public issue of over 36 million equity shares of Rs 10 each for cash, at a price to be determined through a 100 per cent book building process.

The price band for the 33,238,000 shares, which constitute 18.30 per cent of the fully diluted post issue paid-up capital of the company, has been fixed between Rs 250 and Rs 300.

The funds raised through the IPO will be deployed in the 90 ongoing projects of the company including 25 residential, 16 commercial, 14 hotel and 11 metro mall projects, Parsvnath Developers Executive Director Atul Mehra said.

The issue comprises a net issue to the public of upto 33,038,000 equity shares and a reservation of upto 200,000 equity shares for subscription by employees. There will also be a green shoe option of upto 30,87,800 equity shares, company Chairman Pradeep Jain told reporters here today.

Of the net issue to the public, 60 per cent will be allocated to QIBs while 10 per cent of the net issue will be available for allocation on a proportionate basis to Non-Institutional Bidders.

The remaining 30 per cent are to be allocated on a proportionate basis to retail individual bidders, he said.

Parsvnath Developers is engaged in the development of several intergrated townships, residential projects, hotels, IT parks and SEZ across 41 cities including Delhi, NCR, Maharashtra, Pune, Agra, Ujjain, Kurukshetra, Mohali etc.

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