Puravankara's IPP oversubscribed 1.5 times

NEW DELHI: Realty firm Puravankara Projects' offer to sell 2.37 crore shares to institutional investors was today oversubscribed 1.5 times, helping the company raise around Rs 201 crore.

The Bangalore-based firm today launched Institutional Placement Programme (IPP) to meet the SEBI's norm of minimum 25 per cent public shareholding in the private sector listed companies by June.

Promoters have 89.96 per cent stake in the company as on March 31.

As per data available with the BSE, Puravankara's IPP was over-subscribed 1.5 times with the company receiving bids of 3,54,01,390 equity shares.

Through IPP, the company offered 2,15,68,501 shares of face value of Rs 5 each at a price band of Rs 80-85 per share.

It has an option to allot an additional up to 21,56,850 equity shares in case of over-subscription, taking the total offer size to 2,37,25,351 shares.

Share price of the company fell by 4.58 per cent to close at Rs 84.45 apiece on BSE.

Puravankara Projects posted a net profit of Rs 112.28 crore over a turnover of Rs 815.26 crore during the 2012-13 fiscal.