Sri Lotus Developers IPO subscribed 3.59 times on day 1
Sri Lotus Developers and Realty
Ltd, a real estate company backed by Bollywood stars and renowned investor
Ashish Kacholia
, saw its initial public offer getting subscribed 3.59 times on the first day of bidding on Wednesday.
The IPO received bids for 14.23 crore (14,23,86,800) equity shares against 3.96 crore (3,96,58,730) equity shares on offer, according to data available with the NSE.
Qualified Institutional Buyers' (QIBs) category attracted 5.31 times subscription while the quota for non institutional investors got subscribed 3.10 times. Retail Individual Investors (RIIs) part fetched 2.82 times subscription.
Sri Lotus Developers on Tuesday raised Rs 237 crore from institutional investors.
The initial public offering (IPO) will conclude on August 1. The company has fixed a price band of Rs 140-150 per share for the IPO.
The IPO is entirely a fresh issue of shares worth Rs 792 crore with no Offer For Sale (OFS) component.
Proceeds from the fresh issue will be used for investment in its subsidiaries,
Richfeel Real Estate
Pvt Ltd,
Dhyan Projects
Pvt Ltd and Tryksha Real Estate Pvt Ltd for part-funding the development and construction cost of its ongoing projects, Amalfi, The Arcadian and Varun, respectively; besides, a portion will be used for general corporate purposes.
The Anand Kamalnayan Pandit-promoted company is a real estate developer engaged in the construction of residential and commercial premises in Mumbai, Maharashtra, with a focus on redevelopment projects in the ultra luxury and luxury segments in the western suburbs.
Monarch Networth Capital and Motilal Oswal Investment Advisors are the book running lead managers of the public issue.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Hindu
29 minutes ago
- The Hindu
Parandur airport project likely to be delayed by a year, land acquisition poses a challenge
Chennai's second airport at Parandur may be delayed by a year. Sources said, land acquisition poses a major challenge and is one of the primary reasons for the delay of the project. 'The plan was to float the tender shortly. But we need to have a substantial amount of land in possession to go ahead with the tender. Since Ekanapuram residents are not participating, and the runway itself is coming up there, land acquisition is going to be delayed significantly and as a result, tenders too cannot be floated now,' a source said. Though the Tamil Nadu government commenced the land acquisition recently and some people came forward to hand over their land parcels for the project, a massive portion still remains to come in possession of the government. Originally, the Tamil Nadu government estimate was to complete the land acquisition by October 2025 and start the groundwork for the project by January 2026. This way, phase I will be finished by December 2028. But now, if tenders itself are going to be floated only next year, then the project completion date will be pushed by a year to December 2029 or early 2030. It is to be noted that the Steering Committee's meeting for obtaining the Environmental Clearance is slated to be held by the end of this year and they already had the Tamil Nadu government to provide for a series of reports before that. But sources said, Environment Clearance too may come through only next year. One source indicated that more ground-level data is needed to complete the study required to be submitted to the Steering Committee for Environment Clearance. And this can be done only if the consultant is able to enter Ekanapuram and collect the data. Another source said, the State government is chalking out plans on how to carry out the measures to preserve the water bodies as recommended by the Water Resources Department and also the Hydrogeological Report. For the Parandur airport project whose cost is Rs 27,400 crore for all four phases, the State government will need 5,369 acres in about 20 villages in Kancheepuram and Sriperumbudur.
Time of India
42 minutes ago
- Time of India
Mutton back on J&K tables after traders call off strike over Punjab ‘extortion'
SRINAGAR: A week-old mutton crisis in J&K ended Saturday after dealers called off a strike against alleged harassment and 'extortion' at checkpoints in neighbouring Punjab for carrying livestock from other states. Tired of too many ads? go ad free now The decision came after talks between officials of J&K's food and supplies department and their counterparts in Punjab, who had denied any extortion but insisted on valid papers for transporting cattle. 'Punjab govt agreed to appoint nodal officers to ensure vehicles transporting livestock from other states do not face problems. These officers will remain in constant coordination with J&K authorities,' Nasir Aslam Wani, political adviser to CM Omar Abdullah, told TOI. J&K authorities pointed out that the mutton dealers were accused of violating Punjab Cattle Fairs (Regulation) Act for livestock they were importing from Rajasthan and Delhi. But Wani contended that the law did not apply to J&K traders since they were not procuring livestock from Punjab. 'They cannot charge us for livestock in transit,' Wani said. Mehrajuddin Ganai, general secretary of Kashmir Mutton Dealers Association, said 'our vehicles carrying sheep from Rajasthan, Delhi and other regions were routinely stopped at Shambu and Madhopur checkpoints in Punjab'. 'Truckers were forced to pay bribes and halt. Long delays caused many animals to die due to heat and stress.' According to Mehrajuddin, the association had met CM Omar and food minister Satish Sharma several times in the past few days, following which J&K's team went to Punjab for talks. On Friday, Punjab's rural development and panchayats department issued an order appointing nodal officers to verify documents related to purchase and transport of animals from other states. Tired of too many ads? go ad free now The order directs 'installation of boards at each checkpoint displaying the names and contact numbers of the nodal officers'. Amardeep Singh Gujral, joint director in Punjab's rural development department, asserted that 'there was no extortion taking place'. 'Vehicles carrying livestock with valid govt slips will not be charged. The issue has been sorted out,' Gujral said. J&K's mutton dealers expressed cautious optimism. 'Now that Punjab govt has issued an order, we have decided to resume supplies. But we will review the situation after a week. If we face the same problems again, we will reconsider our decision,' Mehrajuddin said. The strike had disrupted Kashmir's multi-crore mutton trade. According to official data, J&K consumes 60,000 tonnes of mutton annually, with residents spending an estimated Rs 3,900 crore each year. More than half of the supplies -- around 35,000 tonnes -- is sourced from outside J&K, mostly from Rajasthan and Delhi. Mutton consumption is the highest in the Valley, where demand peaks during marriage and festival seasons and it makes uninterrupted supply critical.
India.com
an hour ago
- India.com
Indian Army makes big defence deal, will buy 212 tank transporter trailers that will enhance military operational capability
(Image: ANI) New Delhi: The Indian Army on Friday, 1 August, signed an agreement of Rs 223.95 crore with Axiscades Aerospace and Technologies Private Limited. Under this, 212 state-of-the-art 50-tonne tank transporter trailers will be purchased. This deal is an important step towards increasing the operational mobility capability of the army and supporting the Atmanirbhar Bharat Abhiyan. This agreement was signed under the Indian-IDDM category. This agreement gives priority to indigenous design, development and manufacturing. This will strengthen self-reliance in the defence sector. These trailers are equipped with hydraulic/pneumatic ramps and steerable and liftable axles. These will make it easier to transport tanks and armoured vehicles to difficult areas. These trailers will add to the operational strength of the army and greatly enhance the logistics and operational capabilities of the army, and will act as a force multiplier. This deal will boost the indigenous defence manufacturing sector and will also create permanent employment opportunities. This is a sign of strong preparation for future challenges. Earlier, the Indian Army conducted the high-tech Divya Drishti exercise in Sikkim on 28 July. The exercise, conducted in the high-altitude areas of East Sikkim, tested new technologies designed to improve battlefield awareness, real-time surveillance and quick decision-making. The soldiers of the Tri Shakti Corps used a combination of ground-based systems and aerial platforms, including UAVs and drones, to execute real scenarios. Its special feature was the use of AI sensors. These sensors were connected to advanced communication systems. This arrangement ensured smooth and secure data flow between the command centres and helped in increasing situational awareness as well as making accurate decisions, i.e. a strong sensor-to-shooter link was created.
