Business News | Realty Firm Signature Global Files IPO Papers, Plans to Raise Rs 1,000 Cr
Get latest articles and stories on Business at LatestLY. Real estate firm Signature Global (India) has filed its Draft Red Herring Prospectus with capital market regulator Securities and Exchange Board of India for an initial public offering (IPO) aggregating up to Rs 1,000 crore.
New Delhi [India], July 13 (ANI): Real estate firm Signature Global (India) has filed its Draft Red Herring Prospectus with capital market regulator Securities and Exchange Board of India for an initial public offering (IPO) aggregating up to Rs 1,000 crore.
The DRHP is filed when a company intends to raise capital from the public by selling its shares.
The offer comprises fresh issues up to Rs.750 crore and an offer for sale (OFS) of up to Rs 250 crore, the DRHP document that was filed on Tuesday showed.
The company, through the IPO, proposes to utilize the net proceeds from the towards payments of certain borrowings, infusion of funds in subsidiaries such as Signature global Homes, Signature Infrabuild, Signature Global Developers, and Sternal Buildcon for payment, borrowings availed by subsidiaries, as well as inorganic growth through land acquisitions.
The offer for sale component comprises equity shares by shareholder Sarvpriya Securities aggregating up to Rs 125 crore, and by shareholder International Finance Corporation up to Rs 125 crore.
Signature Global is a major real estate development company in Delhi-NCR, focused on affordable and mid-segment housing. It commenced its operations in 2014 through its subsidiary Signature Builder.
"We have grown our operations over the years and in less than a decade, and as of March 31, 2022, we had sold 23,453 residential and commercial units, all within the Delhi NCR region, with an aggregate Saleable Area of 14.59 million square feet," the DRHP document showed.
As of March 31, 2022, it has sold 21,478 residential units with an average selling price of Rs 2.81 million per unit, it said. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)