Realty firm BPTP today said its promoters will dilute about 10-25 per cent stake through initial public offer to raise about Rs 1,500 crore for funding existing and future projects, and retiring debt.
"We will raise Rs 1,500 crore by diluting about 10-25 per cent (stake of promoters)," BPTP Managing Director Kabul Chawla told reporters on the sidelines of a CII event here.
He said the company will not delay the IPO and would go ahead with its plans, while ruling out any pre-IPO placements.
"Every company has its own strength and we will not like to wait. We will launch the IPO within 2-3 months after getting SEBI approval," Chawla said, adding there would be no pre-IPO placement but "(we) may rope in an anchor investor".
BPTP had filed Draft Red Herring Prospectus (DRHP) with the market regulator Sebi for the IPO in December.
It said out of the fund raised through the IPO, Rs 325 crore will be used to partly retire its debt of Rs 771 crore. Another Rs 459.4 crore will be used on construction and development projects in its 'Park Elite Floors' at Faridabad.
The realty firm said it will utilise Rs 514 crore for the payment of development charges to the government authorities for its ongoing and future projects.
At present, BPTP has 17 ongoing projects with a saleable area of 39.39 million sq ft and 40 forthcoming projects with an area of 57.14 million sq ft.
It was involved in the country's largest land-deal of Rs 5,006 crore in Noida, but had to surrender as it was unable to arrange funds by the stipulated date.
