Mumbai: Pranav Constructions files for an IPO to raise Rs 392 crore
Mumbai-based real estate player, Pranav Constructions, has filed its draft red herring prospectus (DRHP) with capital market regulator Securities and Exchange Board of India (SEBI) to mop up funds through an initial public offering (IPO).
The IPO, with a face value of Rs 10 each, combines fresh issuance of Rs 392 crore with an offer for sale of up to 28,56,869 equity shares by the promoter and investor selling shareholders.
The offer for sale consists of up to 23,07,472 equity shares by BioUrja India Infra Private Limited and up to 5,49,397 equity shares by Ravi Ramalingam.
The company, in consultation with the book-running lead managers, may consider an issue of specified securities, aggregating to Rs 78.40 crores as pre-IPO placement shall not exceed 20% of the size of the fresh issue. If such placement is completed, the fresh issue size will be reduced.
The offer is being made through the book-building process, wherein not less than 75% of the offer shall be available for allocation on a proportionate basis to qualified institutional buyers, not more than 15% of the offer shall be available for allocation to non-institutional bidders, and not less than 10% of the offer shall be available for allocation to retail individual bidders.
The proceeds from its fresh issuance to the extent of Rs 223.75 crore for funding costs towards obtaining government and statutory approvals and purchase of additional FSI and cost towards compensation to members, towards alternate accommodation, and hardship compensation, about the development of certain of its under-construction redevelopment projects; Rs 74 crore for repayment or projects and general corporate purposes.
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