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Puravankara Projects to raise funds up to Rs 1,500 Crores through IPO

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During the years 2006-07 many Indian realty majors planned for disbursing the shares at the International market and in the domestic market majorly aiming for the funds rise. The reports said the www.propertykhazana.com that many key players of the Indian Real Estate managed to raise the funds by fallowing the Initial Public Offering (IPO) and then considering the Alternate Investment Market (AIM).
It was DLF, which was successful in its attempt fallowing the IPO and selling the shares at the International Markets and then the Bangalore based Sobha Developers and Parsvanath Developers fallowed the foot steps of the DLF. Getting the idea, Puravankara Projects well recognized Bangalore realty firm hoped to raise Rs. 1500 Crores through IPO’s said the sources to the www.propertykhazana.com .
The company was on preplan to clear the out-standing’s and later invest the left over funds in its ongoing projects and it was in January 2007 Puravankara Developers floated 20 crores shares at the BSE and priced about Rs. 650-750 per share which will grossed 1300-1500 crores.
Speaking to the sources, Girish Puravankara, the Deputy Managing Director of Puravankara Projects said that the company is presently engaged in Kochi, Coimbatore, Chennai, Bangalore, Mangalore and Mysore and had further plans of expansions planned in North India and the NCR and Dubai and Colombo were also considered for the international arengeturum. Being the 600 Crores company, Puravankara during the year 2006 it had a vast land bank of 70 Million Sq.Ft with 7500 flats under progress and the sources available to the www.propertykhazana.com also said that it had about 49% stakes with its Joint Venture associate Keppel Puravankara.
It was the booming time in the Indian Realty segment and all the major builders and developers went on cashing the peak on the heat. It is also reported that, the realty sector was growing above 30% annually.
Source: NIMMA BENGALURU

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