Puravankara to sell upto 2.15 crore shares via IPP route

Realty firm Puravankara Projects today said it will issue up to 2.15 crore equity shares, worth about Rs 210 crore, to institutional investors.

In a filing to the Bombay Stock Exchange, Bangalore-based firm said the company would issue equity shares through the Institutional Placement Programme (IPP).

The IPP committee of the board of directors has decided to offer and issue up to 2,15,68,501 equity shares of face value of Rs 5 each, the filing added.

In case of oversubscription, the company has a right to allot an additional upto 21,56,850 shares to eligible qualified institutional buyers.

The price band and the issue opening and closing date will be announced later.

Promoters have 89.96 per cent stake in the company as on March 31. The company is launching IPP to meet market regulator SEBI guidelines of minimum 25 per cent public shareholding by June 30 for private sector listed companies.

Share price of the company rose by 3.13 per cent to close at Rs 97.15 on BSE today.