Puravankara Projects files DRHP with SEBI

New Delhi, Jan 5 (UNI) Real estate developer Puravankara Projects Ltd today filed its Draft Red Herring Prospectus (DRHP) with SEBI for issuing more than two crore equity shares of Rs 5 each.

''The net proceeds of the issue will be utilised to acquire lands in and around Bangalore and Chennai aggregating 76.23 million sq ft at a total cost of Rs 733.4 crore and repayment of loans of Rs 290 crore,'' a company statement said today.

The issue being made through a 100 per cent book-building process, will constitute 10.05 per cent of the post-issue capital of the company.

About 60 per cent is being reserved for allotment to qualified institutional buyers, five per cent for allotment to mutual funds, 10 per cent for non-institutional investors and the balance will be allotted to retail investors, the statement added.

UNI