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Media Information
Kumar Urban Development & Sahara raising funds through IPO

Published & Updated as on - 2010-02-18

Sahara Prime City Ltd, the company planning India’s second-largest real estate initial public offering in more than two years, is in talks to raise as much as Rs 1,000 crore ($214 million) from private equity investors.

“Global funds are keen to invest in India,” Chief Executive Officer Sushanto Roy said in an interview in Mumbai today. He declined to say when the stakes may be sold. The Lucknow, India-based company plans to sell shares in the IPO in the first quarter of next year, according to Roy. Sahara, Emaar MGF Land Ltd and Lodha Developers Ltd are among developers that are seeking the regulator’s permission to raise more than Rs 12,600 crore.

Kumar Urban Development

Pune-based realty firm Kumar Urban Development plans to raise Rs 450 crore through an initial public offer (IPO) to fuel its expansion plans and pay-off debts.

"We are at present awaiting Sebi (market regulator) approval for our IPO. We intend to use the IPO proceeds to fuel our expansion as also to pay-off debts," Kumar Urban Development's Chairman Lalit Kumar Jain said here today.

Out of the Rs 450 crore, Rs 200 crore would be used to pay-off debts while the balance Rs 250 crore would be used for its projects, Jain said.

The company currently has a land-bank of 1,700-acres spread across Mumbai, Pune, Bangalore, Hyderabad and Nagpur, he said.

The realty developer plans to focus on the residential segment with 75 per cent of its properties to be residential and the balance 25 per cent, commercial.

Jain said going forward, the company's business plan envisages 25 per cent of affordable housing, 50 per cent of mid-segment housing and the rest 25 per cent to be commercial development.

Kumar Urban Development clocked a consolidated net profit of Rs 34 crore, in FY09.

Source:Business Standard

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