PDL to set up bio-tech park in AP, IPO opens Nov 6

Hyderabad, Oct 31 (UNI) Real estate major Parsvnath Developer Limited (PDL) will be setting up a Biotechnology Park near here, its Managing Director Sanjeev Jain today said.

The company is looking to acquire 25 acre for the proposed 1.01 million square feet biotech park, Mr Jain told the media here.

PDL had recently acquired 2.75 acre at Kukatpally on the city outskirts at an auction by the Hyderabad Urban Development Authority (HUDA).

The company will set up a shopping mall, multiplex and a star hotel on the land. However, it will not look to HUDA land for the biotech project.

The company has in-principle approval from the Centre for setting up nine special economic zones (SEZs) apart from applying for six additional SEZs.

PDL will enter the capital market with a public issue and the funds so raised would be invested in various ongoing projects in the country.

The issue comprising up to 3,32,38,000 equity shares of Rs 10 each for cash at a price to be determined through a 100 per cent book building route opens on November six and closes on November ten.

The price band for the issue has been fixed between Rs 250 and Rs 300.

There will also be a green shoe option of up to 30,87,800 equity shares. About 30 per cent of the net issue will be available for allocation on proportionate basis to retail individual bidders with 60 per cent for the Qualified Institutional Bidders (QIBs).

Up to two lakh equity shares are reserved for subscription by the employees, he added.

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