INSUBCONTINENT EXCLUSIVE:
Shriram Properties has a major presence in South India and focuses on affordable housingShriram Properties has filed its draft red herring
prospectus with capital market regulator Securities - Exchange Board of India
The Bangalore-based realty developer's Rs 800 crore initial public offering (IPO) will include a fresh issue of shares worth Rs 250 crore
and an offer for sale of up to Rs 550 crore by existing promoters
The company will utilise the IPO proceeds to repay and/pre-pay debt and for general corporate purposes.Shriram Properties has a major
presence in South India and mainly focuses on affordable and mid-income housing projects.Axis Securities Ltd, ICICI Securities, and Nomura
Financial Advisory and Securities are the book running lead managers to the issue.Meanwhile, the IPO of realty firm Macrotech Developers
closed on April 9 and the shares are likely to be listed on the BSE and NSE on April 22.
