Benz

Kolte-Patil Developers Limited, an ISO 9001:2000 certified real estate developer in India, on Tuesday announced its entry into the capital market with an IPO of 19,000,836 equity shares of Rs 10 each.

The price band has been fixed between Rs 125 and Rs 145 per equity share.The issue will open on November 19 and close on November 22, 2007.

The IPO comprises a net issue of 18,812,709 equity shares to the public and a reservation of 188,127 equity shares for eligible employees.

Addressing a press conference here, company CEO Hardeep Dayal said the objective of the issue was to finance acquisition of development rights and construction and development costs for some of the proposed projects.

He said the issue and net issue would constitute 25.25 per cent and 25 per cent respectively of the post-issue paid up capital of the company.

The equity shares were proposed to be listed on the NSE and the BSE, he added.

Dayal said as of September, 2007, the company was in the process of developing 28 projects, including 24 in Pune and four in Bangalore. These projects were being developed with the aim of generating over 17.80 million sqft of saleable area on 21.61 million sqft of land area and to include five IT parks, 11 commercial complexes, 10 residential complexes, one integrated township and one serviced apartment building.

The company also had plans to expand into emerging local markets across India and target future investments in high growth markets such as Hyderabad and Chennai.


Source:- The Hindu (13nov, '07)