Sobha Developers Ltd public issue scheduled to open on Nov 23

Mumbai, Nov 13 (UNI) Sobha Developers Ltd (SDL) is undertaking an Initial Public Offering (IPO) of 8,893,332 of its equity shares of Rs 10 each at a price band of Rs 550- Rs 640 per equity share through 100 per cent Book Building Process.

''The issue, scheduled to open on November 23 and close on November 29, 2006, comprises a reservation of up to 889,300 equity shares for SDL's permanent employees and a net issue to the public of 8,004,032 equity shares'', SDL chairman P N C Menon today told reporters here.

''The issue constitutes 12.20 per cent of the fully diluted post issue equity capital of SDL and Net issue to the public constitutes 10.98 per cent of the fully diluted post issue equity capital of SDL'', said Mr Menon.

''Out of the Net Issue, at least 60 per cent will be allocated on a proportionate basis to FIIs and domestic Qualified Institutional Buyers (QIBs), upto ten per cent will be available for allocation on a proportionate basis to Non-Institutional Bidders and 30 per cent will be available for allocation on a proportionate basis to Retail Individual Bidders'', he said.

According to SDL vice chairman Ravi Menon,''As on September 30, 2006, SDL had developed and constructed 21 residential projects in Bangalore, covering approximately 2.98 million square feet, 75 contractual projects in eight states covering approximately 8.42 million sq feet and two commercial projects of 0.11 million sq feet''.

''In addition as on September 30, 2006, SDL had Land Reserves aggregating about 2,747 acres in Bangalore, Mysore, Pune, Chennai, Cochin, Thrissur and Coimbatore'', he added.

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