Sri Lotus Developers IPO sails through on Day 1; subscribed 3.59 times
The IPO received bids for 14.23 crore (14,23,86,800) equity shares against 3.96 crore (3,96,58,730) equity shares on offer, according to data available with the NSE.
Qualified Institutional Buyers' (QIBs) category attracted 5.31 times subscription while the quota for non institutional investors got subscribed 3.10 times. Retail Individual Investors (RIIs) part fetched 2.82 times subscription.
Sri Lotus Developers on Tuesday raised Rs 237 crore from institutional investors.
The initial public offering (IPO) will conclude on August 1. The company has fixed a price band of Rs 140-150 per share for the IPO.
The IPO is entirely a fresh issue of shares worth Rs 792 crore with no Offer For Sale (OFS) component.
Proceeds from the fresh issue will be used for investment in its subsidiaries, Richfeel Real Estate Pvt Ltd, Dhyan Projects Pvt Ltd and Tryksha Real Estate Pvt Ltd for part-funding the development and construction cost of its ongoing projects, Amalfi, The Arcadian and Varun, respectively; besides, a portion will be used for general corporate purposes.
The Anand Kamalnayan Pandit-promoted company is a real estate developer engaged in the construction of residential and commercial premises in Mumbai, Maharashtra, with a focus on redevelopment projects in the ultra luxury and luxury segments in the western suburbs.
Monarch Networth Capital and Motilal Oswal Investment Advisors are the book running lead managers of the public issue. PTI SUM SUM MR
(This story has not been edited by News18 staff and is published from a syndicated news agency feed - PTI) view comments
First Published:
Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
21 minutes ago
- Time of India
Minister M B Rajesh to inaugurate Kudumbashree home shop project
Kochi: Local self govt minister M B Rajesh will inaugurate the state-level convention of entrepreneurs functioning under Kudumbashree home shop project on Monday at Samra Convention Centre in Kalamassery. The project is initiated to establish a socially driven marketing and distribution system for products by women entrepreneurs. The home shop community marketing network operates through three components: entrepreneurs, home shop owners and management team. Products are collected from entrepreneurs and delivered to consumers by home shop owners, who are members of Kudumbashree. Marketing and administration are conducted through the management team. By connecting local producers and consumers and delivering quality products to homes, the project significantly contributed to local economic growth. In the 2024–25 fiscal, the project generated a revenue of Rs 18.66 crore. Currently, over 7,000 home shop owners and more than 1,000 entrepreneurs operate under 51 management teams. The event, which will celebrate the project's 15th anniversary, will be attended by minister P Rajeeve, executive director of Kudumbashree H Dineshan, Hibi Eden, MP, district panchayat president Manoj Moothedan, special secretary of local self-govt department T V Anupama and district collector N S K Umesh IAS. Get the latest lifestyle updates on Times of India, along with Friendship Day wishes , messages and quotes !
Time of India
21 minutes ago
- Time of India
UPI data: GST Council may grant amnesty to small vendors, says central tax commissioner
Bengaluru: The GST Council could consider granting amnesty from interest and penalties to small vendors who have been issued tax notices based on UPI transaction data, according to Kotraswamy M, commissioner of central taxes. "If this issue is being flagged because there are so many taxpayers, the GST Council can take a call, giving amnesty to them from interest and penalty. So, there is a solution rather than making it a political issue," he said at an awareness and grievance redressal seminar organised by Rotary Bangalore, JP Nagar. The official's statement comes after chief minister Siddaramaiah's assurance that only traders with a turnover exceeding Rs 40 lakh on goods would be scrutinised, and old dues will not be enforced if vendors register for GST going forward. You Can Also Check: Bengaluru AQI | Weather in Bengaluru | Bank Holidays in Bengaluru | Public Holidays in Bengaluru Kotraswamy acknowledged discomfort and confusion caused by the GST notices among small business owners, attributing it to a lack of digital literacy and awareness. "Maybe their digital education is not adequate, they are not aware and feel that something bad has happened," he said, adding that once they know what they are supposed to do, they will find nothing wrong with the notices. The tax official also emphasised the importance of understanding legal requirements for businesses. "The transactions are captured in some way - digitally or through banking transactions, UPI or whatever. If somebody provided services with an annual turnover of more than Rs 20 lakh, or goods worth more than Rs 40 lakh, they are supposed to register themselves," he explained. Amrita Ranjan, principal commissioner of income tax, Bengaluru, confirmed that the department will continue to identify cases of tax violations. "... When the code works, it will work on a threshold and we will identify the cases," she added. BOX: What rules say It is mandatory for businesses with annual sales of Rs 40 lakh or more for supply of goods, and Rs 20 lakh or more for the supply of services, to register for GST. The Union govt also made it clear that it is not planning to levy GST on UPI transactions exceeding Rs 2,000, the finance ministry clarified in the Rajya Sabha last week after confusion caused by notices issued based on UPI data. Get the latest lifestyle updates on Times of India, along with Friendship Day wishes , messages and quotes !
Time of India
21 minutes ago
- Time of India
Hypertension no bar: Insurance agency asked to pay 2L claim
Ghaziabad: Ruling that medical claims cannot be rejected on the grounds that a person has hypertension, the district consumer disputes redressal commission (DCDRC) has directed an insurance firm to pay Rs 2.1 lakh to a Ghaziabad man whose request was denied. DCDRC president Praveen Kumar Jain and members RP Singh and Shailja Sachan also ordered the insurer – Religare Health Insurance Company – to pay Kapil Anand Rs 5,000 as compensation for litigation costs and denial of the claim filed in 2019. The payment must be made within 45 days, and failure to comply will attract 6% simple interest on the outstanding amount. In a plea filed with the consumer commission, Anand said he'd bought the Rs 5-lakh policy from Religare after paying a premium of Rs 17,150 on March 3, 2019. You Can Also Check: Noida AQI | Weather in Noida | Bank Holidays in Noida | Public Holidays in Noida In Oct that year, he felt "discomfort" in his chest and was admitted to Yashoda Hospital. "… doctors diagnosed me with a blockage in the heart and I underwent the medical procedure of stenting in the heart," he said. The third-party administrator, he said, refused to pay his hospital bill of Rs 2,16,482 lakh, forcing him to pay it on his own. Religare's counsel argued before the commission that Anand did not disclose his history of hypertension at the time of buying the policy. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like She Was Everyone's Dream Girl In 90's, This Is Her Now The Latest Article Undo "The discharge slip, consultation papers, and past history of the patient mentioned that he suffered from hypertension for the last two years and he did not disclose this at the time of purchasing the policy," the counsel said, adding that any condition linked to hypertension cannot be honoured for a claim. The commission in its July 26 order cited two previous judgments by NCDRC-New Delhi to rule in favour of Anand. In the 2013 Ravindra Bindra vs National Insurance Company case, the Delhi commission had ruled that hypertension history could not be grounds for rejecting heart treatment claims, it said. In another 2013 case (Satish Chandra Madan vs Bajaj Alliance), NCDRC rejected the argument that hypertension was a chronic disease. "In the case Satish Chandra Madan Vs Bajal Alliance General Insurance Company, National Consumer Disputes Redressal Commission held that the petitioner was a patient of hypertension before securing the insurance policy. Hypertension is a common ailment that can be treated through medicines and it is not necessary that hypertension was linked to heart attack. Hypertension is a lifestyle disease and by rejecting the claim, insurance company is guilty of deficiency in service," the Ghaziabad commission said in its order. Get the latest lifestyle updates on Times of India, along with Friendship Day wishes , messages and quotes !
