Parsvnath files DRHP with SEBI | india | Hindustan Times
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Parsvnath files DRHP with SEBI

PARSVNATH DEVELOPERS Limited filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for a public issue of up to 3.32 crore equity shares recently.

india Updated: Apr 04, 2006 00:50 IST

PARSVNATH DEVELOPERS Limited filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for a public issue of up to 3.32 crore equity shares recently.

Company chief operating officer (Corporate Governance) Dr B P Dhaka told reporters here today that of the total equity float up to 3.3 crore would be for the public. The balance shares would be for the company’s employees. He added that the IPO would be listed somewhere at the end of April.

The face vale of each equity share would be Rs 10. The pricing of each share would be determined by 100 percent Book Building Process. The equity shares are proposed to be listed on BSE and NSE. The issue would constitute 25.155 of the fully diluted post issue paid up capital of the company.

The net offer to the public would constitute 25 percent of the fully diluted paid up capital of Parsvnath Developers Limited. The objectives of issue are to meet the cost of development and construction of some of company’s projects and achieve the benefit of listing.

The company has appointed Enam Financial Consultants Private Limited, J M Morgan Stanley and DSP Merrill Lynch as the Book Running Lead Managers.

Dr Dhaka explained that the policy of company is ethical business. The company plans to come up with 250 acre integrated townships in Indore. It would also build townships in Ujjain and Bhopal. Dr Dhaka opined that real estate is input to growth and the company would build real estate in Indore as it’s has largest growth percentage in the state.

The company had a total income of Rs 41084 lakh in 2005. The profit after tax was Rs 6878 lakh. The company has presence in nine states and 30 cities. It has 52 projects including 12 integrated townships, 19 residential, 12 commercial and 8 DMRC projects. The Land Bank of company is 63.7 million sq ft.