Piyush Group plans Rs 400 IPO by 2009

New Delhi, Oct 24 (UNI) City-based real estate company Piyush Group today said it is gearing up to enter the capital market through its initial public offering (IPO) by the end of 2009.

''To fund our future expansion, we will raise about Rs 400 crore through our proposed IPO, 15 per cent of which will be diluted,'' company's Chairman-cum-Managing Director Anil Goyal told UNI here at the launch of its township 'Piyush City'.

He said the firm will submit its Draft Red Herring Prospectus (DRHP) to the market regulator Securities and Exchange Board of India (SEBI) by 2008-end.

The ultra-modern township of Piyush City, spread over 55 acres of land, will be completed by the end of 2009, Mr Goyal said.

''The township will have 1,000 flats, out of which over 600 have already been sold to the end-users by June 2007,'' he said.

The township will comprise multiplex, shopping mall, a healthcare centre, clubhouse with swimming pool etc.

At present, the company has four projects in hand at Faridabad, Rudrapur (Uttaranchal), Bhiwadi and Jaipur.

''The company will have a total projected turnover of Rs 1,500 crore after the completion of these four projects by 2010,'' he said.

The CMD said the company plans to develop world class residential and commercial establishments in every major city.

''In the near future, the company plans to launch projects in Mumbai, Pune, Bangalore, Hyderabad, Gurgaon and Udaipur,'' Mr Goyal said.

The Group specialises in development of integrated townships, commercial malls-cum-multiplexes, IT and business park and educational institutions.

UNI