Parsvnath enters capital market

Chennai, Nov 07 (UNI) Parsvnath Developers Limited (PDL), a leading real estate company in the country, has entered the capital market to raise a sum of Rs 1090 crore at the high-end to finance its 79 ongoing projects.

Addressing a press meet here, Mr Sanjeev Jain, Managing Director said the public issue of 33,238,000 equity shares of Rs 10 each had opened yesterday and would close on November 10.

The share price would be determined through 100 per cent book building process and the price band had been fixed between Rs 250 and Rs 300, he said.

The issue comprised a net issue to the public of 33,038,000 equity shares and a reservation of 200,000 shares for subscription by employees, he said, adding, there would be a green shoe option of 30,87,800 equity shares.

Mr Jain said funds raised from the equity shares would be deployed in the 79 ongoing projects spread over 41 cities in 14 states in the country. The company had in hand 90 projects to be executed at a total cost of Rs 132.7 billion.

The projects included 25 residential, 16 commercial, 20 integrated townships, 14 hotels and nine Special Economic Zones (SEZs), he said. The company had secured 'approval in principle' for establishing nine zones for multi-products, like IT, Bio-Tech, Food Processing, Leather, Auto Components, Handicrafts and Gems and Jewellery.

Approval in respect of six other SEZs was pending with the Ministry of Commerce, he said. This included one to be set up in Kancheepuram District of Tamil Nadu in an area of over 2000 acre.

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