 "IPO")
Bengaluru-based Shriram Properties may file a draft document this week with market regulator Sebi for its proposed initial public offer (IPO) to raise up to Rs 800 crore, according to sources.
The company plans to give partial exits to its four existing investors -- TPG Capital, Tata Capital, Walton Street Capital and Starwood Capital -- which hold around 58 per cent stake in the company.
According to the sources, Shriram Properties is likely to file the draft red herring prospectus (DRHP) this week with the Sebi and expects to get the nod to launch its IPO next month.
The company plans to raise up to Rs 800 crore through this public issue, they added.
Shriram Capital plans to reduce its debt from the proceeds of its proposed IPO.
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A company spokesperson declined to comment.
The company has a major presence in South India. It has completed various real estate projects and many projects are under construction.
Despite the COVID-19 pandemic, the Indian real estate sector has witnessed two successful public issues of the Real Estate Investment Trust (REIT).
Mindspace Business Parks REIT, owned by K Raheja, was listed in August last year after raising Rs 4,500 crore, while global investment firm Brookfield's REIT public issue worth Rs 3,800 crore got listed in February this year.
India's largest realty firm Macrotech Developers, erstwhile Lodha Developers, is hitting the capital market on Wednesday to launch its IPO to raise up to Rs 2,500 crore.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
