Embassy Property files prospectus for $513 mn IPO | mumbai | Hindustan Times
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Embassy Property files prospectus for $513 mn IPO

mumbai Updated: Jul 12, 2010 22:01 IST

Reuters
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Real estate firm Embassy Property Developers plans to raise as much as 24 billion rupees ($513 million) through an initial public offering of shares, according to the prospectus filed on Monday.

UBS, Nomura, Citi and local investment bank Edelweiss Capital are book running lead managers for the issue, according to the draft prospectus available on the Edelweiss website.

Embassy Property is considering a pre-IPO placement of up to 57.5 million shares for up to 11.75 billion rupees with certain investors, the prospectus showed. It may offer a five-percent discount to retail investors on the issue price, it said.

The timeline for the IPO has not yet been set.

Indian companies have raised a total of about $11 billion through share sales through mid-June this year from 56 issues, compared with $16 billion raised in 2009 from 87 offerings, according to Thomson Reuters Data.

State-run Engineers India will launch its follow-on share sale to raise up to $270 million on July 27, two sources with direct knowledge of the deal said earlier on Monday.

India has also invited bids for appointing up to four banks to manage a follow-on public offering in state-run Power Grid Corp of India.