Latest news with #SriLotusDevelopersandRealtyLimited
Hindustan Times
20-05-2025
- Business
- Hindustan Times
Shah Rukh Family Trust-backed Sri Lotus Developers gets SEBI nod for ₹792 crore IPO
Shah Rukh Khan-backed Sri Lotus Developers and Realty Limited, has received approval from the Securities and Exchange Board of India (SEBI) for a ₹792 crore initial public offering (IPO). Sri Lotus Developers and Realty is a real estate firm backed by SRK's family trust, Amitabh Bachchan, Hrithik Roshan, and ace investor Ashish Kacholia, according to the draft red herring prospectus (DRHP). The Mumbai-based developer is involved in redevelopment projects in the ultra-luxury and luxury segment in the western suburbs of Mumbai and had filed papers with SEBI in December 2024. The public issue is an entirely fresh issue of shares, with a face value of ₹1 per share worth ₹792 crore. There is no offer for sale (OFS) component. The company plans to use ₹550 crore from the net issue proceeds for investment in subsidiaries for part-funding development and construction costs of ongoing projects, and the remaining funds will be used for general corporate purposes, the DRHP showed. Also Read: Amitabh Bachchan sells duplex in Mumbai for ₹83 crore Monarch Networth Capital Limited and Motilal Oswal Investment Advisors Limited are the book-running lead managers and KFin Technologies Limited is the registrar of the issue. The equity shares are proposed to be listed on the National Stock Exchange of India Limited and BSE Limited, the company said in a statement. The company focuses on developing ultra-luxury and luxury residential properties, including 2BHK and 3BHK apartments in the ₹3 crore to ₹7 crore range and penthouses priced above ₹7 crore. Also Read: 10 property transactions involving Bollywood stars like Shah Rukh Khan, Amitabh Bachchan, Akshay Kumar, and others As of November 30, 2024, the company has three completed projects, six ongoing projects, and seven upcoming projects. In December 2024, Sri Lotus Developers had raised approximately ₹400 crore through a private placement of 26.61 million shares at ₹150 per share. Among the investors, Bollywood star Amitabh Bachchan purchased around 6.7 lakh shares for ₹10 crore, while the Shah Rukh Khan Family Trust acquired about 6.75 lakh shares for ₹10.1 crore. Also Read: Donald Trump's 5% tax on remittances: Should NRIs fast-track real estate investments back home? Other notable investors include Hrithik Roshan, who bought 70,000 shares for slightly over ₹1 crore.
Mint
20-05-2025
- Business
- Mint
Upcoming IPO: Ashish Kacholia-backed Sri Lotus Developers and Realty gets SEBI nod to launch ₹792 crore-issue
Upcoming IPO: Sri Lotus Developers and Realty Limited has received a final nod from the capital markets authority, the Securities and Exchange Board of India (SEBI), to raise ₹ 792 crore through an initial public offering (IPO). The company had filed its IPO papers with SEBI on December 24, 2024. The firm operates as a real estate developer involved in the construction of residential and commercial properties in Mumbai, Maharashtra, with a specialization in Redevelopment Projects within the Ultra Luxury and Luxury Segments in the western suburbs. In December, Sri Lotus Developers generated around ₹ 400 crore via a private placement of 26.61 million shares priced at ₹ 150 each. Among the backers, Bollywood legend Amitabh Bachchan acquired approximately 6.7 lakh shares for ₹ 10 crore, while the Shah Rukh Khan Family Trust bought about 6.75 lakh shares for ₹ 10.1 crore. Additional prominent investors include Hrithik Roshan, who purchased 70,000 shares for a little over ₹ 1 crore, and notable investor Ashish Kacholia, who invested in 33.33 lakh shares for ₹ 50 crore. The company is overseen by promoter Anand Kamalnayan Pandit, who possesses over 24 years of expertise in the real estate sector. The projects undertaken by the company are categorized into three types: Greenfield Projects, Redevelopment Projects, and Joint Development Projects. For the six-month period ending September 30, 2024, the revenue from operations amounted to ₹ 243.42 crore, while the profit after tax reached ₹ 90.63 crore. The initial public offering, which has a face value of Re 1, is a new issuance of shares totaling up to ₹ 792 crore, with no offer-for-sale component by existing shareholders. The proceeds from the fresh share issuance, amounting to ₹ 550 crore, will be utilized for investments in its subsidiaries, namely Richfeel Real Estate Private Limited, Dhyan Projects Private Limited, and Tryksha Real Estate Private Limited, to partially fund the development and construction costs of its ongoing projects, Amalfi, The Arcadian, and Varun, respectively; as well as for general corporate purposes. Monarch Networth Capital Limited and Motilal Oswal Investment Advisors Limited serve as the book-running lead managers, while KFin Technologies Limited acts as the registrar for the issue.
Mint
20-05-2025
- Business
- Mint
Upcoming IPO: Ashish Kacholia-backed Sri Lotus Developers and Realty gets SEBI nod to launch ₹792 crore-issue
Upcoming IPO: Sri Lotus Developers and Realty Limited has received a final nod from the capital markets authority, the Securities and Exchange Board of India (SEBI), to raise ₹ 792 crore through an initial public offering (IPO). The company had filed its IPO papers with SEBI on December 24, 2024. The firm operates as a real estate developer involved in the construction of residential and commercial properties in Mumbai, Maharashtra, with a specialization in Redevelopment Projects within the Ultra Luxury and Luxury Segments in the western suburbs. In December, Sri Lotus Developers generated around ₹ 400 crore via a private placement of 26.61 million shares priced at ₹ 150 each. Among the backers, Bollywood legend Amitabh Bachchan acquired approximately 6.7 lakh shares for ₹ 10 crore, while the Shah Rukh Khan Family Trust bought about 6.75 lakh shares for ₹ 10.1 crore. Additional prominent investors include Hrithik Roshan, who purchased 70,000 shares for a little over ₹ 1 crore, and notable investor Ashish Kacholia, who invested in 33.33 lakh shares for ₹ 50 crore. The company is overseen by promoter Anand Kamalnayan Pandit, who possesses over 24 years of expertise in the real estate sector. The projects undertaken by the company are categorized into three types: Greenfield Projects, Redevelopment Projects, and Joint Development Projects. For the six-month period ending September 30, 2024, the revenue from operations amounted to ₹ 243.42 crore, while the profit after tax reached ₹ 90.63 crore. The initial public offering, which has a face value of Re 1, is a new issuance of shares totaling up to ₹ 792 crore, with no offer-for-sale component by existing shareholders. The proceeds from the fresh share issuance, amounting to ₹ 550 crore, will be utilized for investments in its subsidiaries, namely Richfeel Real Estate Private Limited, Dhyan Projects Private Limited, and Tryksha Real Estate Private Limited, to partially fund the development and construction costs of its ongoing projects, Amalfi, The Arcadian, and Varun, respectively; as well as for general corporate purposes. Monarch Networth Capital Limited and Motilal Oswal Investment Advisors Limited serve as the book-running lead managers, while KFin Technologies Limited acts as the registrar for the issue. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
