B’town stars back Lotus Developers for Rs 792-Crore maiden offer
B’town stars back Lotus Developers for
Rs 792-Crore maiden offer
Amitabh Bachchan Shah Rukh Khan
Ekta Kapoor, Tusshar Kapoor, Jeetendra, Tiger Shroff, Rakesh Roshan, Hrithik Roshan, Sajid Nadiadwala and Manoj Bajpayee
backed realty player Sri Lotus Developers and Realty Ltd. filed draft papers for its initial public offering on Dec. 24. The IPO is a fresh issue of shares worth Rs 792 crore. There is no offer-for-sale segment.
The expected launch date of the offer is yet to be announced. The B’town’s stars own a 0.28% stake in the company.
Promoters of the company include Anand Kamalnayan Pandit, Roopa Anand Pandit, and Ashka Anand Pandit.
The fresh issue proceeds will be used for investment in the company’s subsidiaries, Richfeel Real Estate Pvt. Ltd., Dhyan Projects Pvt. Ltd. and Tryksha Real Estate Pvt. Ltd. for part-funding development and construction cost of ongoing projects and general corporate purposes, as per the draft red herring prospectus.
Monarch Networth Capital Ltd., and Motilal Oswal Investment Advisors Ltd., are the bankers handling the issue, while KFin Technologies Ltd. is the main registrar.
Sri Lotus Developers is a prominent real estate developer specialising in residential and commercial projects in Mumbai, Maharashtra, with a particular focus on redevelopment initiatives in the ultra-luxury and luxury segments of the western suburbs.
Lotus Developers’ projects can be categorised into three types:
*Greenfield Projects: These are projects developed on parcels of undeveloped land with no prior infrastructure.
Redevelopment Projects: In this category, the company engages in the reconstruction of properties through development agreements with housing societies, commercial unit holders, or other stakeholders.
*Joint Development Projects: Lotus Developers enters into development agreements with landowners, including those holding long-term leasehold rights, to jointly develop projects.
As of Dec. 19, 2024, the company’s debt pile stood at Rs 171.7 crore.
The real estate company’s listed peers include Arkade Developers Ltd., Keystone Realtors Ltd., Suraj Estate Developers Ltd., Sunteck Realty Ltd., Mahindra Lifespaces Ltd., and Hubtown Ltd.
For six months ended September, Lotus Developers clocked net profit after tax of Rs 90.6 crore against revenue of Rs 243.4 crore. The company’s bottom-line print stood at Rs 119.9 crore for the fiscal ended March 2024, against a topline of Rs 461.6 crore.
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News Edit KV Raman