Kolte-Patil Developers to enter capital market

Chennai, Nov 13 (UNI) Pune-based real estate developer Kolte-Patil Developers Limited is entering the capital market with an initial public offering (IPO) of 19,000,836 equity shares of Rs 10 each.

Talking to newspersons here today, company CEO Hardeep Dayal said the price band of the issue had been fixed between Rs 125 and Rs 145.

The IPO would open on November 19 and close on November 22.

He said the fund from the IPO would be used to finance acquisition of development rights, finance the construction and development costs of certain projects.

The issue comprises a net issue of 18,812,709 equity shares to the public and reservation of 188,127 equity shares for eligible employees, he said adding the issue would constitute 25.25 per cent while the net issue would consitute 25 per cent respectively of the post-issue paid up capital of the company.

Mr Hardeep said the equity shares were propsed to be listed on the National Stock Exchange of India (NSE) and the Bombay Stock Exchange (BSE).

Of the total equity float, not more than 50 per cent of the net issue would be available for allocation on a proportionate basis to Qualified Institutional Buyers ('QIBs'), out of which five per cent shall be available for allocation on a propotionate basis to mutual funds only, he said.

He said further, not less than 15 per cent of the net issue to the public would be available for allocation on a proportionate basis to non institutional bidders and not less than 35 per cent of the net issue to the public would be available for allocation on a proporionate basis to retail individual bidders.

UNI