Puravankara prices its IPO at Rs.400 per equity share

Bangalore, Aug 9 (UNI) Puravankara Projects Limited has today fixed the issue price for its Initial Public Offer at Rs. 400 per equity share of Rs five each.

The issue which closed yesterday was subscribed nearly two times.

Puravankara Projects Limited, one of the leading real estate development companies in India with a focus on developing residential and commercial properties, had entered the capital markets on July 31 with a public issue of 21,467,610 equity shares of Rs.5 each through 100 per cent book building process in the price band of Rs.400 to Rs.450 per equity share of Rs.five each. The issue would constitute 10.05 per cent of the fully diluted post-issue paid up capital of the Company.

DSP Merrill Lynch Ltd, Citigroup Global Markets India Pvt. Ltd and Kotak Mahindra Capital Co. Ltd were the Book Running Lead Managers for the issue.

The Company was incorporated as Puravankara Constructions Private Limited in 1986 in Mumbai and has a land bank of 116.24 million square feet of developable area of which 13.99 million square feet is currently under development. Its operations cover Bangalore , Kochi, Chennai, Coimbatore, Hyderabad, Mysore, Colombo and the UAE. The Company also has a sales and marketing office in the UAE, and representatives in the United Kingdom and the United States .

UNI