NEW DELHI: Chennai-based Casagrand Premier Builder has received final observation from securities and exchange board of India (SEBI), to raise Rs 1,100 crore through an initial public offering (IPO).
The company had filed its IPO papers with Sebi on September 19, 2024.
The IPO with a face value of Rs 2 per equity share is a mix of fresh issue of up to Rs 1,000 crore and an offer for sale of up to Rs 100 crore by promoter selling shareholders.
The offer for sale consists of the sale of equity shares up to Rs 50 crore each by Arun MN and Casagrand Luxor.
The company, in consultation with the book-running lead managers, may consider a further issue of equity shares through a preferential offer or any other method aggregating up to Rs 200 crore, as pre-IPO placement shall not exceed 20% of the size of the fresh issue. If such placement is completed, the fresh issue size will be reduced.
The proceeds from the fresh issue to the extent of Rs 150 crore will be used for prepayment or repayment, in full or in part, of all or a portion of certain outstanding borrowings availed by the company, Rs 650 crore for prepayment or repayment, in full or part, of all or a portion of certain exceptional borrowings availed by its wholly owned subsidiaries namely CG Magick, CG Civil Engineering, CG Garden City, CG Milestone, CG Grace, CG Horizons, CG Smart Value Homes, CG Bizpark, CG Everta, CG Hyderwise, CG Lotus, CG Zingo, and wholly-owned step-down subsidiaries namely CG Anchor and Danub Homes and general corporate purposes.JM Financial, and Motilal Oswal Investment Advisors are the book-running lead managers to the issue and KFin Technologies is the registrar to the offer.
