Embassy Property plans to raise Rs 2,400 crore via IPO

MUMBAI: Bangalore-based realty player Embassy Property Developments Ltd (EPDL) is planning to launch Rs 2,400-crore initial public offer ( IPO), a top company official said on Tuesday.

"We are planning to raise Rs 2,400-crore through IPO in end-November or early December," EPDL's Managing Director Jitu Virwani told reporters here.

The IPO proceeds will be used to finance construction of on-going projects of Rs 1,500-crore. The company proposes to repay debt of Rs 437-crore and Rs 473 crore for general corporate purpose, Virwani said.

Embassy, which developed about 5 million square feet of space in the fiscal year ended March 2010, hopes to double this within the next two years, he said.

The company has developed an aggregate of 24.54 million square feet of developable area in the commercial, residential and retail segments of the real estate market.

Embassy now intends to focus on the development of projects in residential portfolio across various segments, which are attractive to prospective clients closer to Embassy's commercial developments.