EWDL to raise up to $96 mn in IPO

MUMBAI: Real estate firm Entertainment World Developers Ltd (EWDL) plans to raise up to 4.5 billion rupees ($96 million) in an initial public offering, a person with direct knowledge of the matter said on Tuesday.

The company filed a draft prospectus with the markets regulator on Tuesday, the company said in a statement.

The proceeds will be used for construction in ongoing projects and to buy back some of the convertible debt issued by a unit to funds run by ICICI Venture and Mumbai-based mall developer Phoenix Mills(PHOE.BO).

Phoenix Mills owns 40.3 per cent of Entertainment World Developers.

EWDL develops malls and residential townships in smaller cities including Indore, Raipur, Jabalpur, Chandigarh and Bhilai. It has completed three projects and has another 11 ongoing projects to develop 18.3 million square feet, according to its filing.

ICICI Securities, Kotak Mahindra Capital and Edelweiss Capital are the arrangers for the issue.