Lavasa files papers for its 2,000 crore rupees IPO

Lavasa files papers for its 2,000 crore rupees IPO Just like the plans of close to two dozen Indian developers that are planning to hit the capital markets with their IPO, Lavasa Corporation is also almost ready with its public issue.

The company which is a subsidiary of infrastructure giant, HCC has already submitted its papers with SEBI. The IPO is supposed to come to the market by December and will be one of the few by the developers that has come to the scene.

The total value of the IPO is going to be 2,000 crore rupees. The information was given by HCC's Group Chief Financial Officer Praveen Sood. He said that the Draft Red Herring Prospectus is already with the market watchdog and its approval is expected soon.

Ajit Gulabchand, owner of HCC owns 65 per cent of stake in Lavasa and the issue is about selling 10 per cent stake. This will be done by coming up with fresh issue.

And for the same, CICI Securities, Kotak Mahindra Capital Company, Morgan Stanley India and Axis Bank are going to work as the lead managers for book running.