Lavasa Corporation has filed its draft red herring prospectus with SEBI on July 01, 2014 in order to undertake an initial public offering of its equity shares of Rs 10 each aggregating to Rs 750 crore.
Lavasa Corporation, the real estate subsidiary of Hindustan Construction Company , has filed draft red herring prospectus with capital markets regulator Sebi for its public issue. "Lavasa Corporation has filed its draft red herring prospectus with Sebi on July 01, 2014 in order to undertake an initial public offering of its equity shares of Rs 10 each aggregating to Rs 750 crore," says HCC in its filing.
The promoters of the company are Hindustan Construction Company and HCC Real Estate. HCC holds a 65 percent stake in Lavasa. Gautam Thapar-controlled Avantha Group is the second-largest shareholder with a 16 percent stake. Other shareholders are Venkatesh Hatcharies (13 percent) and Pune-based investor Vinay Maniar (6 percent). Retail investors may get some discount in this offer.
The equity shares offered through the issue are proposed to be listed on BSE and National Stock Exchange of India. The book running lead managers to the issue are Axis Capital, Kotak Mahindra Capital Company and ICICI Securities. In 2010, Lavasa had planned to raise Rs 2,000 crore by selling 10 percent of promoter's stake but that was abandoned due to the weakness in market. Hindustan Construction Company stock closed at Rs 48.45, up 3.75 percent after hitting a 3.5-year high of Rs 49 on the BSE.
Lavasa Corporation, the real estate subsidiary of Hindustan Construction Company , has filed draft red herring prospectus with capital markets regulator Sebi for its public issue. "Lavasa Corporation has filed its draft red herring prospectus with Sebi on July 01, 2014 in order to undertake an initial public offering of its equity shares of Rs 10 each aggregating to Rs 750 crore," says HCC in its filing.
The promoters of the company are Hindustan Construction Company and HCC Real Estate. HCC holds a 65 percent stake in Lavasa. Gautam Thapar-controlled Avantha Group is the second-largest shareholder with a 16 percent stake. Other shareholders are Venkatesh Hatcharies (13 percent) and Pune-based investor Vinay Maniar (6 percent). Retail investors may get some discount in this offer.
The equity shares offered through the issue are proposed to be listed on BSE and National Stock Exchange of India. The book running lead managers to the issue are Axis Capital, Kotak Mahindra Capital Company and ICICI Securities. In 2010, Lavasa had planned to raise Rs 2,000 crore by selling 10 percent of promoter's stake but that was abandoned due to the weakness in market. Hindustan Construction Company stock closed at Rs 48.45, up 3.75 percent after hitting a 3.5-year high of Rs 49 on the BSE.
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