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Shriram Properties' Rs 600-Crore IPO to Open On Dec 08

BY Realty Plus

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The Rs 600-crore initial share-sale of Bengaluru based Shriram Properties will open for public subscription on December 8. The initial public offering (IPO) will conclude on December 10, according to the red herring prospectus. The firm has reduced its offer for sale size to Rs 350 crore from Rs 550 crore earlier. Now, the IPO size will be Rs 600 crore against Rs 800 crore earlier. The public issue comprises fresh issuance of equity shares worth Rs 250 crore and an offer for sale (OFS) of Rs 350 crore. Shriram Properties has proposed partial exit to its four existing investors –TPG Capital, Tata Capital, Walton Street Capital and Starwood Capital -- which hold around 58 per cent stake in the company. As a part of the OFS, Omega TC Sabre Holdings Pte Ltd will offload shares worth up to Rs 90.95 crore, Tata Capital Financial Services will sell shares to the tune of Rs 8.34 crore, TPG Asia SF V Pte Ltd will divest shares worth up to Rs 92.20 crore and Wsi/Wsqi V (XXXII) Mauritius Investors Ltd will sell shares worth Rs 133.5 crore. The company plans to utilise the net proceeds from the fresh issue towards repayment and/ or pre-payment of debt and general corporate purposes. The company has a major presence in South India. It has completed various real estate projects and many projects are under construction.

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Tags : News/Views Shriram Properties IPO South India initial public offering Investors equity shares Tata Capital TPG Capital Walton Street Capital Starwood Capital