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Shriram Properties planning to Raise Rs 900 crore by way of IPO

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Shriram Properties Ltd. a part of US $4.2 Billion Shriram Group is in view to increase Rs. 900 Crores during an IPO in 2007. As per the source saying at the www.propertykhazana.com Company might take the private equity way to make an investment of Rs. 350 Crores and it is also having discussions with the international PE players like Blackstone, Sun Apollo and with two more fund managing firms. Shriram Properties without giving any further details regarding the proposal has established the proposals from Private Equity funding and the IPO issues. Company owns 1,200 acres of property mainly in Garden City and in Chennai and also focusing to utilize the property for the development of housing realty ventures.
Disclosed sources said at the www.propertykhazana.com that, earlier than Shriram Properties Ltd. had raid into the development of elite shopping malls and the company had five housing ventures in its hand which were to be developed in Garden City (Bangalore). Private Equity funding is excepting to approach straightly to the company and will not be in retreat into the venture SPV. This contract will be confirmed by August 2007.
Sun Apollo a JV company among Delhi based Khemka Family and US based Apollo Group might invest mainly into an SPV, which Shriram Properties hovered in 2006 for the building of an integrated housing complex in Chennai. For more information logon to www.propertykhazana.com.
Source: NBTVLIVE

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