10 Apr , 2021 By : Kanchan Joshi
MUMBAI: Shriram Properties Ltd has filed a draft red herring red prospectus with Securities Exchange Board of India to raise nearly Rs800 crore via an initial public offering (IPO).
The IPO comprises a fresh issue of Rs250 crore and an offer for sale (OFS) of up to Rs550 crore by current shareholders and promoters.
The offer for sale consists sale of Rs147.10 by Omega TC Sabre Holdings Pte Ltd, Rs13 crore by Tata Capital Financial Services Ltd, Rs148.90 crore by TPG Asia SFV Pte. Ltd and rs216 crore by WSI/WSQI V (XXXII) Mauritius Investors.
Proceeds from the issue will be used to reduce debt of the company.
As of March 2020, Omega TC Sabre Holdings Pte Ltd holds a 16.33% stake in the company, TPG Asia SFV Pte Ltd holds a 16.56% stake, and WSI/WSQI V (XXXII) Mauritius Investors hold a 23.97% stake.
Axis Securities Ltd, ICICI Securities Ltd and Nomura Financial Advisory and Securities Ltd are the book running lead managers to the issue.
For the fiscal year 2020, the company posted a revenue of Rs262.90 crore versus Rs452.31 crore a year ago. Net profit for the year stood at Rs9.74 crore against Rs24.49 crore last year. Total debt stood at Rs741 crore.
Shriram Properties Ltd focuses on affordable and mid-income housing projects, mainly in southern India. It saw sales recover to pre-covid levels in the December quarter.
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