Lodha Developers revives IPO plan, to file papers in 6-9 months
Realty major Lodha Developers is reviving its plans for an initial public offer (IPO) and will approach market regulator Sebi in the next 6-9 months with a draft prospectus, a top company official said. The Mumbai-based company had filed draft red herring prospectus (DRHP) with Sebi in September 2009 to raise about Rs 2,800 crore. The company got the Sebi nod in January 2010, but later shelved its plan to launch the IPO due to bad market conditions post the global financial crisis. ..
"We are aiming for listing in calendar year 2018 and shall approach Sebi in the next 6-9 months," Lodha Group Managing Director Abhishek Lodha told PTI. On funds to be raised through the IPO, he said it is too early to comment on the issue. Lodha Group has about 30 real estate projects in London, Mumbai Metropolitan Region, Pune and Hyderabad covering over 40 million sq ft of area. It has a land bank of 350 million sq ft for future development.