Signature Global gets SEBI nod to float Rs 1,000 crore IPO

29 Nov 2022 , 09:35 AM

Signature Global (India) Ltd focuses on the affordable and mid-range residential segments in the National Capital Region of Delhi (“Delhi NCR”). The company filed a Draft Red Herring Prospectus in July to raise Rs 1,000 crore from the market through an initial public offering. For the same, SEBI issued its approval letter on November 24 to go ahead with the proposed IPO, as per the latest update.

According to DRHP, the IPO will include a fresh issue of shares worth Rs 750 crore and an offer for sale worth Rs 250 crore. Promoter Sarvpriya Securities and investor International Finance Corporation will sell shares worth Rs 125 crore each.

The company will use the net proceeds from the issue to repay or prepay the company’s borrowings or a portion thereof for inorganic growth through land acquisition and for other general corporate purposes. The funds will also be used to pay off the debt of subsidiaries, which are Signature Global homes, Signature Infrabuild, Signature Global Developers and Sternal Buildcon.

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