Infrastructure company Hindustan Construction Company today informed the stock exchange that its subsidiary, Lavasa Corporation received observation letter from Securities and Exchange Board of India (Sebi) for its proposed Initial Public Offering (IPO).
The company is planning to issue equity shares for an amount not exceeding Rs 2,000 crore.
Located close to Mumbai and Pune, Lavasa is a planned hill city project set amidst Sahayadri mountains. With residential, commercial and hospitality amenities, Lavasa is planned for a population of around three lakh residents and a tourist inflow that is envisaged at 20 lakh per annum.
The first of the five towns - Dasve is slated to be ready by 2010-11.