Shriram Properties, a realty firm, has received approval from the Securities Board of India (Sebi) to float an initial public offering (IPO) through which the company is planning to raise ~Rs1,250cr, a PTI report stated.
As per the report, the regulators granted approval on April 9 to the company, who submitted a proposal in December 2018.
Further, the IPO comprises fresh issue aggregating up to Rs250cr besides an offer for sale of up to 42,403,271 shares by existing shareholders, including Tata Capital Financial Service and TPG Asia, the report stated citing draft papers filed with Sebi.
The company is looking to consider a pre-IPO placement of up to Rs100cr, a report said.
The company is expected to utilise the funds for repayment of certain borrowings availed by the company or its subsidiaries and for general corporate purposes. Axis Capital, Edelweiss Financial Services, JM Financial, and Nomura Financial Advisory and Securities will manage the company's public issue, the report added.