IVR Prime IPO subscribed 5.71 times
The public issue of IVR Prime Urban Developers Ltd was subscribed 5.71 times at close on Friday.
By INDIATIMES NEWS NETWORK |
MUMBAI: The public issue of IVR Prime Urban Developers Ltd received very good response from investors and the issue was subscribed 5.71 times at close on Friday.
The company had entered the capital markets on July 23 with a public issue of 14,150,000 equity shares of Rs 10 each in the price band of Rs 510 to Rs 600. The issue constitutes 22.06 per cent of the fully diluted post issue paid-up capital and net issue constitutes 21.82 per cent of the fully diluted post issue capital.
The company proposes to utilise the net proceeds of the issue to fund development and construction costs for its project at Jigani, IT park and mall at Gachibowli, repayment of loan to IVRCL, repayment of the loan taken from Karnataka Bank and payment of the development right costs to IVRCL.
IVR Prime Urban Developers, a subsidiary of IVRCL Infrastructures and Projects, is a company focusing on integrated townships, residential developments including affordable homes, commercial projects, including hotels, retail malls, IT parks and other projects in various parts of India.
As on June 21, 2007, its land reserves consisted of around 2,478.85 acres, representing 75.45 million square feet of saleable area, in the cities of Hyderabad, Visakhapatnam, Chennai, Bangalore, Pune and Noida.
The company had entered the capital markets on July 23 with a public issue of 14,150,000 equity shares of Rs 10 each in the price band of Rs 510 to Rs 600. The issue constitutes 22.06 per cent of the fully diluted post issue paid-up capital and net issue constitutes 21.82 per cent of the fully diluted post issue capital.
The company proposes to utilise the net proceeds of the issue to fund development and construction costs for its project at Jigani, IT park and mall at Gachibowli, repayment of loan to IVRCL, repayment of the loan taken from Karnataka Bank and payment of the development right costs to IVRCL.
IVR Prime Urban Developers, a subsidiary of IVRCL Infrastructures and Projects, is a company focusing on integrated townships, residential developments including affordable homes, commercial projects, including hotels, retail malls, IT parks and other projects in various parts of India.
As on June 21, 2007, its land reserves consisted of around 2,478.85 acres, representing 75.45 million square feet of saleable area, in the cities of Hyderabad, Visakhapatnam, Chennai, Bangalore, Pune and Noida.
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