Sri Lotus Developers Files DRHP For Rs 792 Cr IPO
Bollywood Stars and Ashish Kacholia backed Sri Lotus Developers and Realty Limited a real estate developer engaged in construction of residential and commercial premises in Mumbai, Maharashtra, with a focus in Redevelopment Projects in the Ultra Luxury Segment and Luxury Segment in the western suburbs, has filed its Draft Red Herring Prospectus (DRHP) with capital markets regulator, Securities and Exchange Board of India (SEBI) to raise Rs 792 crore through Initial Public Offering (IPO).
The IPO, with a face value of Re 1, is a fresh issue of shares up to Rs 792 crore with no offer-for-sale component. The offer also includes a reservation for a subscription by eligible employees and a discount is being offered to eligible employees bidding in the employee reservation portion.
In the month of December 2024, Sri Lotus Developers raised approximately Rs 400 crore through a private placement of 26.61 million shares at Rs 150 per share. Among the investors, Bollywood Icon Amitabh Bachchan purchased around 6.7 lakh shares for Rs 10 crore, while the Shah Rukh Khan Family Trust acquired about 6.75 lakh shares for Rs 10.1 crore. Other notable investors include Hrithik Roshan, who bought 70,000 shares for slightly over Rs 1 crore. Ace Investor, Ashish Kacholia purchased 33.33 lakh shares for Rs 50 crore.
The proceeds from the fresh issue to the extent of Rs 550 crore will be used for Investment in its Subsidiaries, Richfeel Real Estate Private Limited, Dhyan Projects Private Limited and Tryksha Real Es
Bollywood Stars and Ashish Kacholia backed Sri Lotus Developers and Realty Limited a real estate developer engaged in construction of residential and commercial premises in Mumbai, Maharashtra, with a focus in Redevelopment Projects in the Ultra Luxury Segment and Luxury Segment in the western suburbs, has filed its Draft Red Herring Prospectus (DRHP) with capital markets regulator, Securities and Exchange Board of India (SEBI) to raise Rs 792 crore through Initial Public Offering (IPO).
The IPO, with a face value of Re 1, is a fresh issue of shares up to Rs 792 crore with no offer-for-sale component. The offer also includes a reservation for a subscription by eligible employees and a discount is being offered to eligible employees bidding in the employee reservation portion.
In the month of December 2024, Sri Lotus Developers raised approximately Rs 400 crore through a private placement of 26.61 million shares at Rs 150 per share. Among the investors, Bollywood Icon Amitabh Bachchan purchased around 6.7 lakh shares for Rs 10 crore, while the Shah Rukh Khan Family Trust acquired about 6.75 lakh shares for Rs 10.1 crore. Other notable investors include Hrithik Roshan, who bought 70,000 shares for slightly over Rs 1 crore. Ace Investor, Ashish Kacholia purchased 33.33 lakh shares for Rs 50 crore.
The proceeds from the fresh issue to the extent of Rs 550 crore will be used for Investment in its Subsidiaries, Richfeel Real Estate Private Limited, Dhyan Projects Private Limited and Tryksha Real Estate Private Limited for part-funding development and construction cost of its Ongoing Projects, Amalfi, The Arcadian and Varun, respectively; and general corporate purposes.
The Issue is being made through the book-building process, wherein not more than 50% of the Issue is allocated to qualified institutional buyers, and not less than 15% and 35% of the net offer is assigned to non-institutional and retail individual bidders respectively.
Sri Lotus Developers and Realty Ltd, since its inception, has focused on creating customer-centric environments that enhance lifestyles, establishing a brand centered around customer satisfaction.
The company's operations are based in Mumbai, one of India's largest real estate markets. According to an Anarock Report, from 2019 to 2023, the Mumbai Metropolitan Region (MMR) ranked first among the top seven Indian residential real estate markets in terms of supply, absorption, and average base selling price. In 2017, the company began acquiring land in the western suburbs of Mumbai, focusing on the ultra-luxury and luxury residential markets. Its growth can be attributed to its promoter, in-depth market knowledge, design and execution capabilities, sales ability, and the trusted "Lotus Developers" brand.
The company is led by promoter Anand Kamalnayan Pandit, who brings over 24 years of real estate experience. He has completed twelve projects in the western suburbs of Mumbai, developing over 3.32 million square feet, with eight residential and four commercial projects.
The company’s projects fall into three categories: Greenfield Projects, Redevelopment Projects, and Joint Development Projects.
tate Private Limited for part-funding development and construction cost of its Ongoing Projects, Amalfi, The Arcadian and Varun, respectively; and general corporate purposes.
The Issue is being made through the book-building process, wherein not more than 50% of the Issue is allocated to qualified institutional buyers, and not less than 15% and 35% of the net offer is assigned to non-institutional and retail individual bidders respectively.
Sri Lotus Developers and Realty Ltd, since its inception, has focused on creating customer-centric environments that enhance lifestyles, establishing a brand centered around customer satisfaction.
The company's operations are based in Mumbai, one of India's largest real estate markets. According to an Anarock Report, from 2019 to 2023, the Mumbai Metropolitan Region (MMR) ranked first among the top seven Indian residential real estate markets in terms of supply, absorption, and average base selling price. In 2017, the company began acquiring land in the western suburbs of Mumbai, focusing on the ultra-luxury and luxury residential markets. Its growth can be attributed to its promoter, in-depth market knowledge, design and execution capabilities, sales ability, and the trusted "Lotus Developers" brand.
The company is led by promoter Anand Kamalnayan Pandit, who brings over 24 years of real estate experience. He has completed twelve projects in the western suburbs of Mumbai, developing over 3.32 million square feet, with eight residential and four commercial projects.
The company’s projects fall into three categories: Greenfield Projects, Redevelopment Projects, and Joint Development Projects.
