Puranik Builders re-files IPO papers, plans to raise Rs 1k-cr to pare debt

Realty firm Puranik Builders has filed fresh papers with markets regulator Sebi to raise an estimated Rs 1,000 crore through its initial share-sale.

The IPO comprises fresh issue of shares worth Rs 810 crore, besides, an offer for sale up to 18,59,620 equity shares by the company's promoters and existing shareholders, according to the draft papers filed with Securities and Exchange Board of India (Sebi).

Proceeds of the issue will be utilised towards repayment of loan and other general corporate purposes.

In addition, the company plans to receive the benefits of listing of its equity shares on the stock exchanges.

According to market sources, size of the initial public offer (IPO) is around Rs 1,000 crore.

Edelweiss Financial Services Ltd and Axis Capital will manage the company's initial share-sale. Shares of the company will be listed on the BSE and NSE.

Earlier in June 2018, Puranik Builders, a Mumbai-based residential real estate developer, had approached Sebi with its IPO papers and had received the markets regulator's clearance to launch the public issue but did not go ahead with the plans then.