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| Sahara realty arm plans IPO to mop up Rs 5K cr |
| Press Trust of India / New Delhi Aug 19, 2009, 21:40 IST |
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Sahara Prime City, part of Subrata Roy-led Sahara group, is planning to raise up to Rs 5,000 crore by year-end through an initial public offer (IPO), for which it will approach market regulator Sebi later this month.
The company is believed to have engaged a number of investment bankers, including Kotak, Enam and JM Financial, for the public issue, where it is looking to raise Rs 4,000-5,000 crore, market sources said.
The draft prospectus for the IPO is being readied and the same could be filed with the Securities and Exchange Board of India by the end of this month, sources added.
No comments could be obtained from the Sahara group spokesperson, but sources said the group would wish to launch the IPO by the end of this year, subject to Sebi approval.
Sahara Prime City will be the third Sahara group entity to enter the capital market after Sahara Housingfina Corp and Sahara One Media & Entertainment and is present in over 200 cities with its housing and commercial projects.
However, the group's ambitious Ambey Valley project is not part of the company.
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