 "Real estate developer Puranik Builders files for Rs 10 billion IPO")
Puranik Builders, a Mumbai-based residential real estate developer, has filed draft papers with markets regulator Sebi to raise an estimated Rs 10 bn through an initial public offer.
The IPO comprises fresh issue of shares worth Rs 8.10 bn, besides, an offer for sale up to 18,59,620 equity shares by the company's promoters and existing shareholders, according to the draft papers with the Securities and Exchange Board of India (Sebi).
Proceeds of the issue will be utilised towards repayment of loan and other general corporate purposes.
According to merchant banking sources, the initial public offer (IPO) is expected to fetch Rs 10 bn.
Edelweiss Financial Services and IIFL Holdings will manage the company's public issue.