Casagrand Premier Builder Files For IPO To Raise Rs 1,100 Crore
The net proceeds from the fresh issue will be used for prepayment or repayment of certain outstanding borrowings.
(Image source: Casagrand Premier Builder website)
Casagrand Premier Builder Ltd. filed draft papers with the Securities and Exchange Board of India on Thursday to raise Rs 1,100 crore through an initial public offering. The IPO consists of a fresh issue of up to Rs 1,000 crore and an offer for sale of Rs 100 crore, according to the draft red herring prospectus submitted to SEBI.
Promoter Arun MN, Casagrand Luxor Pvt., will offload shares via the OFS route. The face value of the equity shares is Rs 2 each.
The IPO will be managed by Motilal Oswal Investment Advisors Ltd. and JM Financial Ltd. KGin Technologies Ltd. will be the registrar for the issue.
The net proceeds from the fresh issue will be used for prepayment or repayment of certain outstanding borrowings by Casagrand and its subsidiaries, as well as for general corporate purposes, after deducting the related offer expenses.
Casagrand is the largest residential developer in south India and holds a 24% market share in Chennai launches and 20% in demand from January 2017 to March 2024.
Founded in 2003, the company operates across Chennai, Bengaluru, Hyderabad and Coimbatore, offering diverse projects, including luxury, mid-end, and affordable apartments and villas.
Their primary focus remains on the mid-end category, all under the Casagrand brand.
