Latest news with #SriLotusDevelopers

Business Standard

Ashish Kacholia-backed Sri Lotus Developers gets Sebi nod for ₹792-cr IPO

Sri Lotus Developers IPO: Sri Lotus Developers and Realty, the real estate developer backed by Bollywood stars and investor Ashish Kacholia, has received the approval from the Securities and Exchange Board of India (Sebi) for a ₹792 crore initial public offering (IPO). The Mumbai-based company focuses on redevelopment projects in the ultra-luxury and luxury segment in the western suburbs. The company had filed its draft papers with Sebi on December 24, 2024. According to the draft red herring prospectus (DRHP), the company plans to use ₹550 crore from the net issue proceeds for investment in subsidiaries Richfeel Real Estate, Dhyan Projects and Tryksha Real Estate for part-funding development and construction costs of ongoing projects like Amalfi, The Arcadian and Varun, respectively. The remaining funds will be used for general corporate purposes. In December 2024, the company raised around ₹400 crore through a private placement of 26.61 million shares at Rs 150 per share. Prominent Bollywood personalities, including Amitabh Bachchan, the Shah Rukh Khan Family Trust, and Hrithik Roshan, were among the key investors. Investor Ashish Kacholia also purchased 3.3 million shares for ₹50 crore. According to DRHP, KFin Technologies Limited is the registrar of the issue. Monarch Networth Capital Limited and Motilal Oswal Investment Advisors Limited are the book-running lead managers. The shares are proposed to be listed on the National Stock Exchange (NSE) and the BSE. About Sri Lotus Developers Mumbai-based Sri Lotus Developers is led by promoter Anand Kamalnayan Pandit. The company's projects fall into three categories: Greenfield Projects, Redevelopment Projects, and Joint Development Projects. In the financial year 2023-24 (FY24), the company reported revenue from operations of ₹461.57 crore, up 176.61 per cent from ₹166.87 crore in FY23. Profit after tax (PAT) increased over six times to ₹119.81 crore in FY24 compared to ₹16.29 crore in FY23. For the six months ended September 30, 2024, the company's revenue from operations stood at ₹243.42 crore, and PAT stood at ₹90.63 crore.