Lavasa Corporation files prospectus for Rs2,000-crore IPO
14 September 2010
Lavasa Corporation Ltd, a subsidiary of construction major Hindustan Construction Company Ltd (HCC), today filed a draft red herring prospectus with the Securities and Exchange Board of India (SEBI) for an initial public offer of equity shares of an amount aggregating to Rs2,000 crore.
The issue is expected to hit the market by December, reports quoting sources at Hindustan Construction Company, said. The issue is expected to take the 100 per cent book-building route, it added.
ICICI Securities, Kotak Mahindra Capital Company, Morgan Stanley India Company (P) Ltd and Axis Bank are the book running lead managers to the issue.
Lavasa Corporation is developing Lavasa, as a hill city near Pune in Maharashtra. The project is spread across 12,500 acres.
HCC holds 64.99 per cent stake in Lavasa Corporation, while Avantha Group, Venkateshwara Hatcheries and other private investors hold the remaining stake.
Shares of the company gained Rs0.8, or 1.26 per cent and were trading at Rs64.05 on the Bombay Stock Exchange (BSE). A total of 886,912 shares changed hands till 1.37 pm on Tuesday.