Blore-based Puravankara to offload Rs 400-cr stake
Real Estate

Blore-based Puravankara to offload Rs 400-cr stake

Bangalore-based builder Puravankara Projects is planning to raise about Rs 400 crore through institutional placement programme, in the third such investment in the country's real estate sector, and increase its public shareholding to 25 per cent. The company is expected to offload 15 per cent holding of its promoters to meet stock market regulator Sebi's deadline of June 2013 to bring down promoters' shareholding to 75 per cent.

The realty firm has approached Sebi to allow them to dilute the stake and is waiting to hear from the regulator. The promoters currently hold 89.96 per cent stake in the company. It is yet unclear how many shares the company will offload and what price. Recently, another Bangalore-based real estate firm, Prestige Estates Projects successfully completed an over Rs 350 crore institutional placement programme or IPP, which was subscribed 2.75 times.

Last year, Godrej Properties had also hit the capital market to bring down the promoters' holding to comply with Sebi's norm. Puravankara Projects has reported 101 per cent increase in profit for the quarter ended December 2012 at Rs 64 crore. Net sales rose 60 per cent over the year-ago period to Rs 311 crore.

Bangalore-based builder Puravankara Projects is planning to raise about Rs 400 crore through institutional placement programme, in the third such investment in the country's real estate sector, and increase its public shareholding to 25 per cent. The company is expected to offload 15 per cent holding of its promoters to meet stock market regulator Sebi's deadline of June 2013 to bring down promoters' shareholding to 75 per cent. The realty firm has approached Sebi to allow them to dilute the stake and is waiting to hear from the regulator. The promoters currently hold 89.96 per cent stake in the company. It is yet unclear how many shares the company will offload and what price. Recently, another Bangalore-based real estate firm, Prestige Estates Projects successfully completed an over Rs 350 crore institutional placement programme or IPP, which was subscribed 2.75 times. Last year, Godrej Properties had also hit the capital market to bring down the promoters' holding to comply with Sebi's norm. Puravankara Projects has reported 101 per cent increase in profit for the quarter ended December 2012 at Rs 64 crore. Net sales rose 60 per cent over the year-ago period to Rs 311 crore.

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