Real Estate firm Signature Global files Rs1000 crore IPO papers with SEBI

13 Jul 2022 , 01:06 PM

Real Estate firm Signature Global (India) Ltd has filed initial papers with capital markets regulator Securities and Exchange Board of India (SEBI) to raise Rs1,000 crore through an initial public offering (IPO).

According to the draft red herring prospectus (DRHP) filed on Tuesday, the IPO consists of a fresh issue of equity shares worth up to Rs750 crore and an Offer for Sale (OFS) of up to Rs250 crore.

As a part of the OFS, promoter Sarvpriya Securities and World Bank’s International Finance Corporation will sell equity shares worth up to Rs125 crore each.

The company proposes to utilise the net proceeds from the fresh issue towards payment of the debt, inorganic growth through land acquisitions and general corporate purposes. Also, funds will be used to pay the debt of subsidiaries- Signatureglobal Homes, Signature Infrabuild, Signatureglobal Developers and Sternal Buildcon.

Largest real estate development company in Delhi-NCR Signature Global with a market share of 19% will raise Rs750 crore from the IPO while the remaining will go directly to the selling shareholders of the company. 

Kotak Mahindra Capital Company, ICICI Securities and Axis Capital are the book-running lead managers to the issue, the DRHP of the company said.