Mumbai-based realty firm Puranik Builders has received approval from market regulator Sebi to launch its initial public offer (IPO) to raise an estimated Rs 1,000 crore.
In June, the company had filed draft papers with Sebi. 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.
The proceeds of the issue will be utilised towards repayment of loan and other general corporate purposes.
According to sources, the IPO size is around Rs 1,000 crore.
Puranik Builders, a Mumbai-based residential real estate developer, has filed draft papers with markets regulator Sebi to raise an estimated Rs 1,000 crore through an initial public offer.
As of March 31, 2018, the company has developed 45.36 lakh square ft of developable area across 29 completed projects.
On the financial front, the company has registered revenue from operation of Rs. 505.86 crore with a net profit of Rs 50.72 crore as of March, 2018.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)