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Sahara Prime City soon to enter Capital Market

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As per to the sources saying at the www.propertykhazana.com, Sahara Prime City limb of the Sahara Group has listed to strike the capital markets with Rs. 3,500 Crores. It was in its draft red herring prospectus (DRHP) which over half its property bank which availed for agricultural land and the firm possess 8,600 acres across the country of which 52% is agricultural land, 33% is non-agricultural in nature and the left over 16% is for housing and commercial use. According to the SEBI, Sahara prime City will have to modify the position of agricultural land to non-agricultural before it carries out its realty proposals, in contrast, other realty firms like DB Realty, Emaar MGF, Ambience and Lodha Developers also having a proposal of going public only for 11% to 16% of their property holdings in the agriculture type.
In the Sahara DRHP, the company executive said to www.propertykhazana.com that, “The cost for converting agricultural to non-agricultural land differs across the states.” Planned Rs. 3,500 Crores public issue comprises 16% green shoe choice which implies that if there is a demand then the firm might sell 15% over the planned shares. Memorandum of Understanding (MoU) was signed by Sahara prime City with Sahara India Commercial Corporation – a group which is in the business of developing housing flats. Under this bond, Sahara India will pay Sahara Prime Rs. 1,500 Crores of which Rs. 500 Crores has been paid. The remaining amount will be paid when Sahara Prime City shifts them to Sahara India. For more updates on realty market browse www.propertykhazana.com.
Source: NBTVLIVE

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