New Delhi: Hindustan Construction Company (HCC) today said its subsidiary, Lavasa Corporation, has been given the green signal for a Rs2,000 crore initial public offer (IPO) by the Securities and Exchange Board of India (SEBI), reports PTI.
"... Lavasa Corporation Ltd, subsidiary company of HCC, has received observation letter from SEBI for its proposed IPO," HCC said in a filing to the Bombay Stock Exchange.
In September, Lavasa Corporation had filed a draft red herring prospectus (DRHP) with the market regulator for the proposed IPO.
The IPO may hit the market by November-December, depending on the date of receipt of clearances from regulatory authorities, HCC chairman Ajit Gulabchand had said earlier.
The real estate developer has roped in ICICI Securities, Kotak Mahindra Capital Company, Morgan Stanley India and Axis Bank as book running lead managers for the issue.
HCC holds a stake of about 65% in Lavasa, while Gautam Thapar-controlled Avantha Group is the second-largest shareholder with a 16% stake.
Other shareholders include Venkatesh Hatcheries with a 13% stake and Pune-based investor, Vinay Maniar, who holds a 6% stake in the company.
Lavasa is a planned hill city being developed by HCC near Pune. The master plan for Lavasa was drawn up by internationally renowned design consultant HOK of the USA.
The hill township has been planned to house a permanent population of around three lakh, as well as the expected arrival of 20 lakh tourists every year.
The first of the five towns - Dasve - is slated to be ready by 2010-11.
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