Real estate developer Casagrand Premier Builder has filed preliminary papers with capital markets regulator Sebi to raise Rs 1,100 crore through an initial public offering (IPO).
The IPO is a combination of a fresh issue of equity shares worth Rs 1,000 crore and an offer for sale (OFS) of stocks valued Rs 100 crore by promoters, according to the draft red herring prospectus (DRHP).
The OFS consists of the sale of equity shares up to Rs 50 crore each by Arun MN and Casagrand Luxor Pvt Ltd.
Besides, the company may consider raising up to Rs 200 crore in a pre-IPO placement round. If such placement is carried out, the fresh issue size will be reduced.
Going by the draft papers filed last week, proceeds from the fresh issue will be used for payment of debt availed of by the company and its subsidiaries as well as for general corporate purposes.
Founded in 2003, the Chennai-based company offers a diverse range of residential projects, including apartments of various sizes and independe
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