Real estate developer Paranjape Schemes (Construction) Ltd is planning to raise up to Rs. 600 crore through an initial public offer of equity shares, says report.
A report says that the company has filed the draft red herring prospectus for the proposed issue with the capital market regulator Securities & Exchange Board of India.
The company is proposing to utilize the issue proceeds for repayment and pre-payment, in full or part, of certain loans availed by the company, for construction and development of its projects, investment in its subsidiary, MDPL and for repayment of loans availed by MDPL, according to reports.
The bankers to the issue are Axis Capital and IDFC Securities.