Kalpataru, a Mumbai based real estate developer and part of Kalpataru Group with presence in the Mumbai Metropolitan Region (MMR)and nearby micro- markets filed draft red herring prospectus(DRHP) with Sebi for Rs 1590 crore initial public offering. (Image: DC)
Mumbai: Kalpataru, a Mumbai based real estate developer and part of Kalpataru Group with presence in the Mumbai Metropolitan Region (MMR)and nearby micro- markets filed draft red herring prospectus(DRHP) with Sebi for Rs 1590 crore initial public offering.
The company is part of diversified Kalpataru Group established in 1969 with interests in EPC contracting for power transmission and distribution, oil and gas, railways, civil infrastructure projects, warehousing and logistics, and facility management.
The company proposes to utilize the net proceeds towards repayment of certain borrowings( Rs 1192.5 crore availed by the company and their subsidiaries and for general corporate purposes. The public issue by Kalpataru will be a fresh issue of equity shares.
While a majority of the company’s projects are located in the MMR and Pune, Maharashtra, they have two ongoing projects in Hyderabad, Telangana and Noida, Uttar Pradesh; one forthcoming project in Nagpur, Maharashtra; and three pieces of land comprising land reserves in Surat, Nagpur, and Udaipur.
As of March 31, 2024, the company (together with their promoters) had a total of 113 completed projects within Mumbai, Thane, Panvel and Pune in Maharashtra, and Hyderabad, Indore, Bengaluru, and Jodhpur. Another Kalpataru Group company Kalpataru Projects International Limited is listed on NSE and BSE.
( Source : Deccan Chronicle )
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