Shriram Properties Gets Sebi Approval To Launch IPO
Shriram Properties has received an approval from the Securities and Exchange Board of India (Sebi) to launch its initial public offering (IPO) in the market through which the Bengaluru-based real estate company plans to raise Rs 1,250 crore. The money thus raised would primarily be used to repay debts.
Apart from offering shares of existing institutional investors such as TPG Capital and Starwood Capital along with Tata Capital, the developer will also offer some fresh offerings as well. Shriram Properties has so far received investments worth $600 million at various levels.
Earlier in September, Japan's Mitsubishi Corp invested Rs 180 crore in Shriram Properties ongoing project, Shriram Park 63. The project that is being developed at Chennai's GST Road will offer 1,450 residential units and two million square foot of saleable area. Notably, this was Mitsubishi’s first investment in India's real estate sector.
Shriram Properties' profile
Shriram Properties is the real estate arm of Shriram Group of companies. The company has residential projects in Bengaluru, Chennai, Kolkata, Coimbatore and Vizag. So far, the developer has delivered 11 million sqft of built-up space while 61 million sqft of space is in various stages of development. The builder firm is known for developing mid-segment and affordable housing projects. Some of the popular projects by Shriram are Codename, Signiaa, Sameeksha, Summit, Luxor, etc.