Shriram Properties gets Sebi nod
Real estate firm Shriram Properties has received market regulator Sebi’s go-ahead to float an initial public offering (IPO) through which it plans to raise about Rs 1,250 crore.
The firm, which approached the regulator in December 2018 seeking its clearance to launch IPO, obtained Sebi’s “observations” on April 9, according to the latest update with the market watchdog.
Sebi’s observations are necessary for any company to launch public issues such as IPO, follow-on public offer and rights issue.
According to draft papers, the IPO comprises fresh issue aggregating up to Rs 250 crore besides an offer for sale of up to 42,403,271 shares by existing shareholders, including Tata Capital Financial Service and TPG Asia, draft papers filed with Sebi showed.
The company is looking to consider a pre-IPO placement of up to Rs 100 crore.
Sources said the IPO size is estimated to be around Rs 1,250 crore.