| With the listings of Hirco Plc and West Pioneer Properties on the Alternative Investment Market (AIM) of the London Stock Exchange (LSE), the total funds raised by Indian companies through the AIM have touched $1.25 billion.
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| While Hirco Plc, part of the real estate group Niranjan Hiranandani, mopped up $753.7 million, West Pioneer Properties, which plans to invest in the retail and hotel sectors in India, mobilised $40 million through the listings on the AIM. HSBC Bank and Bear Stearns were managers to the Hirco issue.
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| The West Pioneer offer price was $1.60 a share, representing a market capitalisation of $120 million for the company. Hirco, an Isle of Man-based investment company, will invest in foreign direct investment-compliant real estate projects in India.
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| West Pioneer aims to become a leading developer and operator of shopping malls in the west and south zones of the country, as per the filings posted on the LSE website.
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| “The net proceeds of the placing will enable the company to acquire further land in strategic tier-II cities in west and south India, where West Pioneer intends to build, own and manage shopping malls, hotels or mixed mall/ hotel complexes,” a release posted on the LSE said.
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| Hirco will invest in five projects including townships and special economic zones, the regulatory filings showed.
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| Recently, the Raheja group’s Ishaan Real Estate Plc, another real-estate company, garnered pound 180 million through the AIM.
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| Jayant Sohonie, chief executive, West Pioneer Properties, said, “We are extremely pleased that the fund raising has been successfully completed and look forward to joining the AIM.”
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| “With the growing retail and tourism markets in India, we believe West Pioneer’s focused and disciplined approach, together with the management’s deep knowledge of the real estate and consumer markets, will enable us to reward our shareholders.” he added.
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| West Pioneer Properties is the 11th company with operations in India to list on the AIM, and brings the total funds raised by Indian companies on admission to AIM to $1.25 billion, according to the LSE website. |
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