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Lodha Developers gets SEBI nod to float IPO

Infra News - Published on Wed, 11 Jul 2018

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VCCircle reported that Mumbai-based Lodha Developers Ltd has received regulatory nod to float an initial public offering (IPO), clearing a temporary roadblock on past regulatory violations. The Securities and Exchange Board of India (SEBI) issued final observations on Lodha’s share sale proposal on 6 July, taking the total number of IPOs it has approved this year to 29.

As many as 46 firms had received clearance for IPOs in 2017, according to SEBI’s website.

India’s biggest developer by revenue had filed on 26 April its draft proposal for an IPO that could raise an estimated INR 5,000-5,350 crore.

VCCircle estimates show that the company, led by Abhishek Mangal Prabhat Lodha, plans to issue fresh shares worth INR 3,750 crore while its promoters aim to make an offer for sale of 18 million shares. The issue will result in roughly 14-15% stake dilution and may value the company around INR 37,000-38,000 crore.

The IPO may result in Lodha becoming the most-valued listed real estate company in India, ahead of DLF Ltd, which commands a market capitalisation of INR 33,451 crore.

Lodha said in its draft documents that of the total fundraise, the company aims to mop up about INR 750 crore via a pre-IPO placement of 9.5 million fresh shares.

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Posted By : Nanda Koijam on Wed, 11 Jul 2018
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