Lavasa Corporation files Draft Red Herring Prospectus with SEBI for an IPO

India Infoline News Service | Mumbai |

The price band, the Retail Discount and the minimum bid lot size in relation to the Issue will be decided by the Company.

Lavasa Corporation Limited (the Company) has filed a draft red herring prospectus with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) of its equity shares of face value of Rs. 10 each (Equity Shares) for cash at a price to be decided through the book-building process and aggregating up to Rs. 7,500 million (the Issue). The promoters of the Company are Hindustan Construction Company Limited and HCC Real Estate Limited.
 
Such discount as may be permitted under applicable law may be offered to retail individual bidder (Retail Discount).

The price band, the Retail Discount and the minimum bid lot size in relation to the Issue will be decided by the Company, in consultation with Axis Capital Limited, Kotak Mahindra Capital Company Limited and ICICI Securities Limited Book Running Lead Managers (BRLMs) and advertised at least five working days prior to the Issue opening date.
 
At least 75% of the Issue shall be allotted on a proportionate basis to Qualified Institutional Buyers (QIBs) and the Company may, in consultation with the BRLMs, allocate up to 30% of the QIB Category to anchor investors on a discretionary basis. Further, 5% of the QIB Portion (excluding Anchor Investor Portion) shall be available for allocation on a proportionate basis to Mutual Funds only and the remainder of the QIB Portion shall be available for allocation on a proportionate basis to all QIB Bidders (other than Anchor Investors), including Mutual Funds, subject to valid Bids being received at or above the Issue Price.

Further, not more than 15% of the Issue will be available for allocation on a proportionate basis to Non-Institutional Bidders and not more than 10% of the Issue shall be available for allocation on a proportionate basis to Retail Individual Bidders, subject to valid Bids being received at or above the Issue Price. QIBs and Non-Institutional Bidders shall participate in this Issue through an Application Supported by Blocked Amount (ASBA) process providing details of the bank account which will be blocked by the Self Certified Syndicate Banks (SCSBs) to the extent of the Bid Amount for the same. Retail Individual Bidders may also participate in this Issue through the ASBA process.
 
The Equity Shares offered through the Issue are proposed to be listed on BSE Limited (BSE) and National Stock Exchange of India Limited (NSE). 
 
The BRLMs to the Issue are Axis Capital Limited, Kotak Mahindra Capital Company Limited and ICICI Securities Limited.
 

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