In revived market conditions, four realty firms, Emaar MGF, Sahara Prime City, Lodha Developers and Ambience Ltd, have lined up with their draft red herring prospectuses for initial public offers (IPO) of shares.
They filed their papers with the Securities and Exchange Board of India (SEBI), on Tuesday to raise a combined amount of nearly Rs 11,000 crore.
The fund-raising programme is likely to help them reduce debt while pushing up their current and forthcoming projects.
Sahara plans to raise close to Rs 3,450 crore, “The company plans to raise Rs 3,450 crore through the IPO to fund its projects,” said a source close to the development.
Emaar MGF, Lodha Developers and Ambience have plans to raise close to Rs 3,850, Rs 2,500 crore and Rs 1,293 crore respectively.
While Sahara’s realty arm has been planning its IPO over the past two years, Emaar MGF is making its second attempt to get listed at the bourses after its IPO plans to raise Rs 6,461 crore in February 2008 failed on account of poor subscription and adverse market conditions.
Emaar has brought down the size of its IPO to close to half of what it planned initially.