Lavasa receives Sebi nod for Rs2,000 crore IPO
20 Nov 2010
Hindustan Construction Company said yesterday that its subsidiary, Lavasa Corporation, has received the go ahead for a Rs2,000-crore initial public offer (IPO) by the Securities and Exchange Board of India.
''... Lavasa Corporation Ltd, subsidiary company of HCC, has received observation letter from Securities and Exchange Board of India (SEBI) for its proposed Initial Public Offering (IPO),'' Hindustan Construction Company (HCC) said in a filing to the Bombay Stock Exchange.
Lavasa had filed a draft red herring prospectus (DRHP) with the market regulator for in September the proposed IPO.
According to HCC chairman's Ajit Gulabchand's earlier statement the IPO is likely to hit the market by November-December, depending on the date of receipt of clearances from regulatory authorities.
Meanwhile, HCC has roped in ICICI Securities, Kotak Mahindra Capital Company, Morgan Stanley India and Axis Bank as the book running lead managers for the issue.
HCC owns a 65-per cent stake in Lavasa, while the Gautam Thapar-controlled Avantha Group, with a shareholding of 16 per cent, comes in at the second place.
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