Securities and Exchange Board of India (SEBI) has sought clarifications on the proposed initial public offer (IPO) worth Rs 750 crore of HCC’s realty arm Lavasa Corporation, according to a media report.
SEBI said that it might issue observations on Lavasa’s IPO document within 30 days from the date of receipt of satisfactory reply from the lead merchant bankers to the clarification sought from them, the report added.
The regulator had received the draft offer documents on July 1 this year through its lead manager Axis Capital.
Lavasa has filed its draft red-herring prospectus with SEBI to launch an IPO of its equity shares of Rs 10 each aggregating to Rs 750 crore.
Lavasa, which is developing a large township near Pune, is making a second attempt to raise money though an IPO.