Puravankara sets price band for $33 mln share issue

REUTERS - Real estate developer Puravankara Projects has set a price band of 80 rupees to 85 rupees for its up to 1.84 billion rupees share sale, it said in a statement late on Tuesday.

The company aims to sell 21.57 million shares to qualified institutional investors on Thursday.

Axis Capital, JP Morgan and Kotak Mahindra Capital Co are the book-running lead managers to the issue.

Shares of Puravankara, valued by the market at about $371 million, ended at 95.65 rupees on Tuesday.

Earlier this month, DLF Ltd, India's biggest real estate company by market value, raised about $337 million through a share sale to qualified institutional investors.

 

(Reporting by Swati Pandey in MUMBAI; Editing by Prateek Chatterjee)