Latest News | Realty Firm Signature Global Files Rs 1,000-cr IPO Papers with Sebi
Get latest articles and stories on Latest News at LatestLY. Realty firm Signature Global (India) Ltd has filed preliminary papers with capital markets regulator Sebi to raise Rs 1,000 crore through an initial public offering (IPO).
New Delhi, Jul 13 (PTI) Realty firm Signature Global (India) Ltd has filed preliminary papers with capital markets regulator Sebi to raise Rs 1,000 crore through an initial public offering (IPO).
The IPO will comprise a fresh issue of equity shares worth up to Rs 750 crore and an Offer for Sale (OFS) of up to Rs 250 crore, according to the draft red herring prospectus (DRHP) filed on Tuesday.
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As a part of the OFS, promoter Sarvpriya Securities and investor International Finance Corporation will sell equity shares worth up to Rs 125 crore each.
The company proposes to utilise the net proceeds from the fresh issue towards payment of the debt, inorganic growth through land acquisitions and general corporate purposes.
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Also, funds will be used to pay the debt of subsidiaries -- Signatureglobal Homes, Signature Infrabuild, Signatureglobal Developers and Sternal Buildcon.
Gurugram-based property developer Signature Global is focused on affordable and mid-housing segments with a market share of 19 per cent.
As of March 2022, Signature Global had sold 23,453 residential and commercial units within the Delhi-NCR region, out of which 21.478 are residential units with an average selling price of Rs 28.1 lakh per unit.
The company's sales have grown at a CAGR of 142.47 per cent from Rs 440.57 crore in fiscal 2021 to Rs 2,590.22 crore in fiscal 2022.
Kotak Mahindra Capital Company, ICICI Securities and Axis Capital are the book-running lead managers to the issue.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)