By Kailash Babar
Copyright indiatimes
ANIRepresentational
Real estate developer Runwal Realty is looking to raise up to Rs 2,000 crore through Initial Public Offer of its equity shares and the company has filed its draft red herring prospectus for the same.The total fund raising will consist of fresh issue size worth up to Rs 1,700 crore and offer for sale worth up to Rs 300 crore.The Mumbai-based developer may consider a pre-IPO placement, aggregating up to Rs 340 crore. This pre-IPO placement, if undertaken, will not exceed 20% of the size of the fresh issue, said the company’s draft red herring prospectus filed on Wednesday.Runwal Realty is planning to utilise the net proceeds from the fresh issue towards part of full prepayment and repayment of certain outstanding borrowings availed by the company and its subsidiaries and for general corporate purposes.These group entities include Runwal Construction, Aethon Developers, R Retail Ventures, R Mall Developers, and Histyle Retail. As of August end, the company’s outstanding debt stood at Rs 3,304 crore at interest rates ranging from 7.10% to 12.91%, showed the draft prospectus.Live EventsThe company started in 1978, has so far completed 35 projects spread over 11.22 million sq ft across residential, commercial, and retail segments and is currently developing 9.54 million sq ft across 17 ongoing projects.The upcoming project pipeline includes 35.15 million sq ft space under 24 upcoming projects in residential, commercial, hospitality, and retail segments. These projects are spread across key locations of Mumbai Metropolitan Region and Pune property markets across ultra-luxury to mid-income categories.In addition to its nearly fully occupied commercial office and retail properties, Runwal Realty is planning to expand into the hospitality segment through development of three upcoming hotels in Worli, Thane and Pune under management contracts.ICICI Securities, BOB Capital Markets, JM Financial, and IIFL Capital are the book running lead managers to the issue.Add as a Reliable and Trusted News Source Add Now!
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Read More News onRunwal Realty IPORs 2,000 crore IPODRHP filingReal estate developerRunwal RealtyICICI SecuritiesJM FinancialIIFL Capitaljm financial
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(You can now subscribe to our Economic Times WhatsApp channel)Read More News onRunwal Realty IPORs 2,000 crore IPODRHP filingReal estate developerRunwal RealtyICICI SecuritiesJM FinancialIIFL Capitaljm financial(Catch all the Business News, Breaking News, Budget 2025 Events and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online….moreless
