Sahara Prime City to use Rs 2,860 cr from IPO over next 3 years
Sahara Group's realty firm Sahara Prime City, which aims to raise Rs 3,450 crore from an initial public offer, will utilise Rs 2,668 crore in the next three years to part-fund development of about 19,000 housing units across the country.
By PTI |
NEW DELHI: Sahara Group's realty firm Sahara Prime City, which aims to raise Rs 3,450 crore from an initial public offer, will utilise Rs 2,668 crore in the next three years to part-fund development of about 19,000 housing units across the country.
The company, which filed the Draft Red Herring Prospectus (DRHP) with the market regulator SEBI last week, would invest Rs 1,240.87 crore raised from the IPO to complete 10 existing projects, comprising 12.02 million sq ft of saleable area.
At present, Sahara Prime City is developing nine integrated townships and one residential complex in cities such as Lucknow, Indore, Nagpur, Ahmedabad, Jaipur, Solapur and Cochin. The group's ambitious Ambey Valley project is not a part of Sahara Prime City.
Besides the existing projects, Sahara Prime City plans to develop 16 more integrated townships and would pump in another Rs 1,426.83 crore from the proceeds of the IPO.
The DRHP said it would develop 13.41 million sq ft of residential space in the upcoming projects across the country, including Bangalore, Chandigarh, Jabalpur, Jodhpur, Porbandar, Haridwar and Pune.
The company, which filed the Draft Red Herring Prospectus (DRHP) with the market regulator SEBI last week, would invest Rs 1,240.87 crore raised from the IPO to complete 10 existing projects, comprising 12.02 million sq ft of saleable area.
At present, Sahara Prime City is developing nine integrated townships and one residential complex in cities such as Lucknow, Indore, Nagpur, Ahmedabad, Jaipur, Solapur and Cochin. The group's ambitious Ambey Valley project is not a part of Sahara Prime City.
Besides the existing projects, Sahara Prime City plans to develop 16 more integrated townships and would pump in another Rs 1,426.83 crore from the proceeds of the IPO.
The DRHP said it would develop 13.41 million sq ft of residential space in the upcoming projects across the country, including Bangalore, Chandigarh, Jabalpur, Jodhpur, Porbandar, Haridwar and Pune.
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