Real estate major Kalpataru's Rs 1,590 crore IPO opens on Tuesday
MUMBAI: City-based realty major Kalpataru, which is the fifth largest player in the MMR, has fixed the price band for its Rs 1,590-crore IPO at Rs 387-414, and said the issue will open to public subscription on Tuesday.
The IPO is a fresh issue of shares worth Rs 1,590 crore with no offer-for-sale component. At the upper end of the price band, the company is valued at around Rs 8,500 crore.
As much as Rs 950 crore of the IPO proceeds will be used for pre-payment debt, which is a little over Rs 10,000 crore and the rest will be used for general corporate purposes, the 55-year-old company, which has delivered over 25 million sqft of developed areas across 155 projects, said.
Kalpataru, part of the Kalpataru group which has a listed infra arm called Kalpataru Projects International that is primarily into building energy infra through EPC EPC for power transmission and distribution, oil and gas, railways, civil infrastructure projects, warehousing and logistics, and facility management, has most of its projects located in the MMR and Pune. It also has projects in Hyderabad and Noida in Uttar Pradesh.
The company develops luxury, premium, and mid-income residential, commercial, and retail projects, integrated townships, lifestyle gated communities, and redevelopments.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
38 minutes ago
- Time of India
How M1xchange is revolutionising MSME financing in India
M1xchange has emerged as a galvanising force in financing for Indian MSMEs, fundamentally transforming how micro, small, and medium enterprises access working capital through its innovative Trade Receivables Discounting System (TReDS) platform. As an RBI-approved digital marketplace, M1xchange has successfully bridged the critical financing gap besets India's MSME ecosystem. The impact of M1xchange is reflected in its growth trajectory and scale of operations. The platform has facilitated bill discounting worth over Rs 170,000 crore, demonstrating its role in unlocking liquidity for thousands of small businesses across the country. It has onboarded an impressive ecosystem comprising over 65 banks and non-banking financial companies (NBFCs), and 50,000-plus MSMEs, creating a comprehensive network spanning multiple geographies and industries. Over 2,500 corporates, including IndianOil, NTPC, Hindustan Aeronautics Ltd, Mother Dairy, Bharat Petroleum, and TVS, are registered on the platform. One of M1xchange's foremost contributions has been addressing the chronic problem of delayed payments,which significantly affect MSME cashflows. By providing a digital marketplace where MSMEs can sell their trade receivables to financial institutions at competitive rates, the platform has enabled businesses to convert outstanding invoices into immediate working capital. This transformation is particularly crucial for MSMEs that struggle with cashflow constraints while waiting for corporate buyers to settle payments. The user-friendly digital infrastructure of M1xchange has also democratised MSMEs' access to formal financing. The transaction process begins when MSME suppliers raise invoices, and extends through the entire discounting cycle, eliminating bureaucratic hurdles and reducing processing times. MSMEs can now access collateral-free invoice financing within 24 hours, a remarkable improvement from conventional lending timelines. M1xchange's competitive advantage lies in its ability to offer MSMEs favourable discount rates ranging between 7-10%, which are substantially lower than the 12-20% interest rates they'd have to pay through traditional financing channels. This cost reduction directly translates into improved profitability and business sustainability for small enterprises. Live Events Recent performance metrics underscore M1xchange's growing influence. In FY24 alone, it facilitated invoice discounting worth Rs 43,000 crore, a significant jump from Rs 23,100 crore in FY23. This exponential growth reflects increasing adoption among MSMEs, corporates, and financial institutions, signalling a fundamental shift in how India's small business sector is approaching working capital management. The platform's success extends beyond mere transaction volumes. By creating a transparent, efficient, and secure marketplace for trade receivables, M1xchange has also enhanced the creditworthiness perception of MSMEs among financial institutions. This improved access to formal credit channels has enabled MSMEs to scale, invest in technology, and be more competitive in domestic and international markets. Unsurprisingly, the magnitude of positive change it has introduced has earned M1xchange a slew of laurels, such as the MSME Enabler Award for Banking & Financing at the ET MSME Awards 2024 — India's most influential MSME awards initiative. Others include 'Fintech Leader of the Year' at the Bharat Fintech Summit 2025 and 'Best Fintech For Serving MSMEs' at the FICCI MSME Ecosystem 2022 awards. M1xchange is more than a financing platform: it embodies the digital transformation of India's MSME sector. By leveraging technology to solve traditional financing challenges, it has created a sustainable ecosystem that supports entrepreneurship, promotes financial inclusion, and contributes significantly to India's economic growth. For more winner vignettes of the ET MSME Awards , keep an eye on this space.
Time of India
42 minutes ago
- Time of India
Businessman loses Rs 1cr in Bitcoin investment fraud
Rajkot: A Bhavnagar resident running a logistics business and his friend fell victims to an online crypto-trading scam, losing over Rs 1.08 crore to cybercriminals who lured him with promises of high returns on Bitcoin investments. On Dec 14, 2024, the businessman Deepak Solanki (40) was contacted via Telegram by a woman identifying herself as Priya Agarwal, who lured him into investing in Bitcoin with promises of high returns. Initially, she shared screenshots of profits from Bitcoin trading, which convinced Solanki of the scheme's authenticity. He was then sent a trading link. After discussion, Solanki and his friend Adil Sheikh decided to invest. On Feb 13, 2025, Adil invested Rs 2 lakh and Solanki pooled in Rs 1 lakh. Post transfer, their trading accounts showed a credit of $2,000. On Feb 18, they saw their first profit of $100.68, and further profits showed $184.94 on March 6 and a cumulative $1,786.92 by March 12. On March 12, they successfully withdrew $50 to Adil's account. Encouraged, they began transferring larger amounts over time. Between Feb 13 and April 24, 2025, they transferred a total of Rs 1.08 crore into various bank accounts, including payments labeled as capital gains tax, regular margin equivalent, and penalties — all purportedly required to withdraw their trading profits. Despite these payments, the total funds displayed in their trading account $3.57 lakh - were never transferred back to them. It was at this point that Solanki realized he had been scammed.
Time of India
42 minutes ago
- Time of India
L&T yet to respond on cost details of 2 projects
Mumbai: Larsen & Toubro (L&T) is yet to respond to a formal request from the Mumbai Metropolitan Region Development Authority (MMRDA) seeking cost estimates it voluntarily disclosed in the Supreme Court (SC)for two key infrastructure projects: the Gaimukh–Fountain Hotel underground tunnel and the Fountain Junction–Bhayander elevated road. On June 10, MMRDA emailed L&T, asking for detailed cost estimates, rate justifications, and supporting documents cited during court hearings related to its disqualification from the tenders. The agency gave the firm seven working days to respond, but no reply was received as of June 19. "We are awaiting L&T's reply... Once that's received, we intend to verify the information provided and rework the estimates with the aid of top experts so as to be aligned with the spirit of transparency and fairness," said an MMRDA official. In court, L&T said it quoted Rs 6,498 crore for the tunnel and Rs 5,554 crore for the elevated road — totalling nearly Rs 12,000 crore. Megha Engineering India Ltd (MEIL), the lowest bidder, quoted Rs 14,000 crore. SC dismissed the matter as infructuous after MMRDA opted to retender the project, after a query from the bench about L&T's claim of a significantly lower quote. "When financial figures are shared in court, it's fair to expect supporting documentation if formally requested by a public authority," said a senior MMRDA official. — Manthan Mehta
