Real estate firm Nitesh Estates said its Rs 405 crore initial public offer (IPO) will open on April 23. The public offer will close on April 27, the Bangalore- based firm said at a public announcement. The company plans to utilise the IPO proceeds to fund its existing subsidiaries and the associate company, for repayment of loans, redemption of debentures and for general corporate purposes. Meanwhile, according to Reuters, the company plans to sell its public offer in a price range of Rs 61 to 69 rupees a share. ICICI Securities, Enam Securities, Kotak Mahindra Capital Company and JM Financial Consultants are the book running lead managers to the issue. Shares offered through the IPO are proposed to be listed on the National Stock Exchange and the Bombay Stock Exchange. Nitesh Estates had five residential and one commercial projects under development in Bangalore, as at November 2009, covering nearly 4 million sq ft. It is also jointly developing a hotel project under the ‘Ritz-Carlton’ brand name in the city. It plans to further expand a presence in southern India by developing projects at Chennai and Kochi.
Read the original post:
Bangalore Based Real Estate Firm Nitesh Estates Rs 405 crore IPO to open on April 23
Related posts:
- Nitesh Estates set to enter Goa, Kochi and Chennai
- Alchemist Hotels & Resorts to open its first property at Kufri by April 2011
- DB Realty Ltd’s $325 mln IPO Oversubscribed- Indicates Revival in Investors Demand for Real Estate Stocks
- Apollo in Advance Talks to Acquire Citigroup’s Real Estate Unit
- The real estate area of Bangalore
Follow us @propertyheat - lists / @sectorheat
