Prasvnath Developers enters capital market with public issue

Bangalore, Nov 2 (UNI) Prasvnath Developers Limited, One of the leading real estate development companies in India, will enter the capital market with a public issue of upto 33 million equity shares of Rs 10 each for cash at a price band to be determined through book building process.

The issue opens on November six and closes on November 10. The funds raised from the equity issue would be deployed in various ongoing projects across the country, according to Company Managing Director Sanjeev Jain.

Speaking to newsperons here he said the price band for the issue, which would constitute 18.30 per cent of the fully diluted post issue paid up capital of the company, had been fixed at Rs 250 and Rs 300. The issue comprised a net issue to the public of upto 33 million equity shares and a reservatiuon of upto two lakh equity shares for subscription by employees. There would also be a green shoe option of upto three million equity shares, he added.

Giving details he said the company on hand had Twentyfive state-of-the-art residential complex, three landmark custruction sites at Lucknow, Noida and Gurgaon, 16 commercial projects, 20 integrated townships, four Information Technology Parks, 14 hotels and nine Special Economic Zones.

The two SEZs at Mysore comprising 120 acres and 27 acres in Bangalore were awaiting clearance from the Union Commerce Ministry, he revealed saying that the company had already acquired most of the land from private people.

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