Purvankara to enter capital market on July 31

Bangalore, July 28: Purvankara Projects Limited, one of the leading real estate development companies in the country, today announced that it will enter the capital market on July 31 with a public issue of 21,467,610 equity shares of Rs five each with a price band between Rs 500 and Rs 525 per equity share.

The issue, ending on August 3, was likely to realise between Rs 1075 crore and Rs 1125 crore depending upon the final decision of the price band. Of this, the company proposed to pay Rs 419 crore towards loans and Rs 360 crore towards specific purpose of acquisition of land for development in the country.

Briefing newspersons here, Company chief promoter and Chairman Ravi Purvankara said their operations covered Bangalore, Kochi, Chennai, Coimbatore, Hyderabad, Mysore, Colombo and the United Arab Emirates.

In all 14 residential projects and one commercial venutre had already been completed. Focus would be shifted from the residential projects (now 99 per cent) to commercial (about 25 per cent) in future, he added.

He said the company had also purchased 23 acres of land at Colombo for development of villas and the planning was under progress. The Sri Lankan government was keen to implement more projects, he informed.

To a question, he denied that the company had 'erred' as pointed out in the Joint Legislature Committee of the Karnataka Assembly which probed encroachment of lands in and around the city.

''We have completed all formalities legally. We will issue a clarification in this regard,'' he added.

UNI