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Business Standard
2 hours ago
- Business
- Business Standard
Sri Lotus Developers IPO fully booked on Day 1, QIBs lead demand; GMP 29%
Sri Lotus Developers IPO subscription status Day 1: The initial public offering (IPO) of Mumbai-based real estate developer Sri Lotus Developers and Realty opened for subscription today, July 30, 2025. The mainboard public issue is receiving a strong response from investors, as the issue was fully subscribed within a few hours after opening. The issue was subscribed around 2.24 times as of 2 PM on Wednesday, day 1 of the offering, according to data from the National Stock Exchange. The issue received bids for 89.03 million equity shares compared to the issue size of 39.65 million shares. The demand was primarily driven by qualified institutional buyers (QIBs) who subscribed to the allotted quota by 3.54 times, followed by non-institutional investors (NIIs) at 1.68 times, and retail investors at 1.8 times. The portion reserved for employees was booked around 2 times. Sri Lotus Developers IPO GMP On Wednesday, the unlisted shares of Sri Lotus Developers were trading at ₹144, commanding a premium of ₹44 or 29.34 per cent compared to the upper end of the price band of ₹140 to ₹150. Sri Lotus Developers IPO Review Analysts at Anand Rathi Research assigned a 'Subscribe for long term' rating to the Sri Lotus Developers IPO, citing the attractive pricing and the company's strong strategic position in the real estate market of Mumbai's Western Suburbs. Reliance Securities and Deven Choksey Research also recommend 'subscribe' rating to the issue. READ MORE Sri Lotus Developers IPO details The three-day subscription window for the initial public offering will close on Friday, August 1, 2025. The basis of allotment of shares is likely to be finalised on Monday, August 4, 2025. Shares of Sri Lotus Developers will be listed on the bourses, BSE and NSE, tentatively on Wednesday, August 6, 2025. Sri Lotus Developers IPO, worth ₹792 crore, comprises a fresh issue of 52.8 million equity shares and no offer for sale (OFS) component. Sri Lotus Developers has set the price band in the range of ₹140 to ₹150 per share. Retail investors would require a minimum investment amount of ₹15,000 to bid for one lot comprising 100 shares each. Kfin Technologies is the registrar for the issue. Monarch Networth Capital and Motilal Oswal Investment Advisors are the book-running lead managers. According to the red herring prospectus (RHP), the company proposes to utilise the net fresh issue proceeds for investment in subsidiaries Richfeel Real Estate, Dhyan Projects and Tryksha Real Estate for part-funding development and construction costs of their ongoing projects, Amalfi, The Arcadian and Varun, respectively. The remaining funds will be used for general corporate purposes. About Sri Lotus Developers & Realty Mumbai-based Sri Lotus Developers is involved in the development of residential and commercial premises, with a focus on redevelopment projects in the ultra-luxury segment and luxury segments in the western suburbs. It is led by promoter Anand Kamalnayan Pandit. The company classifies its projects into three main categories, including Greenfield Projects, Redevelopment Projects and Joint Development Projects. It specialises in high-end developments, including 2BHK and 3BHK flats priced between ₹3 crore and ₹7 crore, as well as larger units and premium office spaces.
India Today
4 hours ago
- Politics
- India Today
Rs 11 crore seized in Andhra liquor scam, sources link it to Jagan Reddy's party
The Special Investigation Team (SIT) seized Rs 11 crore in cash from a farmhouse on the outskirts of Hyderabad, Telangana, in connection with the Andhra Pradesh liquor scam that allegedly took place during the YSR Congress Party (YSRCP) raid was carried out based on a confession by Varun Purushotham, who is listed as A-40 in the case. In his statement to investigators, Varun is said to have disclosed key details about the money trail and the involvement of top players in the alleged scam, which is believed to run into thousands of said the SIT has intensified its investigation over the past few days and uncovered what they claim is crucial evidence pointing to the role of senior YSRCP leaders. The probe, which is ongoing, may soon see more high-profile names being added to the list of accused, officials hinted. The YSRCP had previously alleged that the arrests of MP PV Midhun Reddy, former MLA Chevireddy Bhaskar Reddy, retired IAS officer K Dhanunjaya Reddy, Officer on Special Duty Krishna Mohan Reddy, and others in connection with the liquor case were part of a targeted crackdown by the TDP-led government in Andhra PradeshDismissing any link between the arrested individuals and the state's liquor policy, YSRCP MP YV Subba Reddy questioned, 'What role did these leaders play in liquor policy or Excise? None. Yet they are being hounded as part of a calculated conspiracy. This is political vendetta, pure and simple.''The SIT has become a political weapon. This isn't justice, it's persecution,' said Subba Reddy. 'Even the courts are stepping in to stop this abuse,' he added.- EndsTune InMust Watch IN THIS STORY#Andhra Pradesh
Time of India
6 hours ago
- Politics
- Time of India
Andhra Pradesh liquor scam: Rs 11 crore seized from Hyderabad farmhouse; cash packed in boxes marked ‘office files' to avoid suspicion
VIJAYAWADA: In a major breakthrough in the alleged Andhra Pradesh liquor scam, Special Investigation Team (SIT) has seized Rs 11 crore in cash from a farmhouse godown in Kacharam village, Shamshabad Mandal, Ranga Reddy district, Telangana. Tired of too many ads? go ad free now The raid was conducted during the early hours of Wednesday based on a confession made by Varun Purushottam, one of the key accused in the case, listed as A40. According to SIT sources, Varun admitted to having hidden the cash in June 2024 following the instructions of Raj Kessireddy (A1) and Booneti Chanakya (A8), both of whom are under arrest for their alleged key roles in the scam. The money, totalling Rs 11 crore, was packed into 12 cardboard boxes and labeled as office files to avoid suspicion. The operation was reportedly carried out with the assistance of another individual named Vinay. Acting on Varun's statement, SIT officials conducted a search at the specified location—Sulochana Farms Guest House in Kacharam village. The property, officially registered under the name of Teegala Bal Reddy, was used as a cover for storing the illicit cash. When asked about Varun Purushottam's status in the case, the SIT sources clarified, 'We have not arrested him. We examined him and recorded his confession.' This statement confirms that Varun's cooperation came during examination and not under arrest or through formal surrender as of Wednesday morning. SIT is likely to take Chanakya into custody one more time for further interrogation to examine the role of Vinay in assisting with the concealment of the cash and other related activities. This seizure marks a significant development in the alleged Rs 3,500 crore Andhra Pradesh liquor scam, which allegedly took place during the previous YSRCP government's tenure. Tired of too many ads? go ad free now Several high-ranking individuals, including MP P V Midhun Reddy, have already been arrested for their alleged role, and the SIT is believed to have gathered crucial information implicating key political figures. The agency continues to conduct raids at various locations in Hyderabad linked to the accused. Officials expect more disclosures in the coming days, including possible arrests of influential figures involved in the operation and cover-up of the alleged liquor syndicate.
News18
a day ago
- Business
- News18
Sri Lotus Developers collects Rs 237 cr from anchor investors
New Delhi, Jul 29 (PTI) Sri Lotus Developers, a real estate company backed by Bollywood stars and renowned investor Ashish Kacholia, on Tuesday raised Rs 237 crore from institutional investors ahead of its IPO opening for subscription. Those who have been allotted shares in the anchor round include Tata Mutual Fund (MF), Mahindra Manulife MF, Nippon India MF, Nuvama Asset Management, HSBC MF, SBI MF, Citigroup Global Markets Mauritius, Nomura Singapore Ltd and Future Generali India Life Insurance Co. Ltd, according to a circular uploaded on BSE's website. As per the circular, the real estate player has allotted 1.58 equity shares to 16 funds at Rs 150 apiece, aggregating the fund raising to Rs 237 crore. The initial public offering (IPO) will open for subscription on July 30 and conclude on August 1. The company has set a price band of Rs 140-150 per share. 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. As of June 30, 2025, the company has completed projects, 5 ongoing projects and 11 upcoming projects. Sri Lotus Developers and Realty's revenue from operations rose by 19 per cent to Rs 549.68 crore in fiscal 2025 from Rs 461.57 crore in the preceding fiscal, and profit after tax surged by 90 per cent to Rs 228 crore from Rs 120 crore during the period. In December, Sri Lotus Developers raised over Rs 407 crore by allotting 2.66 crore shares on a private placement basis. Among the investors, Bollywood icon Amitabh Bachchan purchased around 6.7 lakh shares for Rs 10 crore, while the Shah Rukh Khan Family Trust acquired about 6.75 lakh shares for Rs 10.1 crore. Ashish Kacholia picked up 33.33 lakh shares for Rs 50 crore. Other notable investors include Hrithik Roshan, Rakesh Roshan, Tiger Jackie Shroff, Ektaa Kapoor, Tusshar Kapoor and Jeetendra alias Ravi Amarnath Kapoor. Monarch Networth Capital and Motilal Oswal Investment Advisors are the book-running lead managers of the public issue. PTI SP SHW PTI) view comments First Published: July 29, 2025, 19:30 IST 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.
Mint
a day ago
- Business
- Mint
Sri Lotus Developers IPO opens tomorrow: GMP, issue details, 10 key things to know
Sri Lotus Developers IPO opens for subscription on tomorrow (Wednesday, July 30). Sri Lotus Developers, based in Mumbai, specializes in real estate, particularly focusing on the redevelopment of high-end residential and commercial properties within the luxury and ultra-luxury segments of Mumbai's western suburbs. As of June 30, 2025, the company has successfully completed a total developed area of 0.93 million square feet across both residential and commercial projects. According to the red herring prospectus (RHP), Arkade Developers Ltd has a P/E ratio of 22.03, Keystone Realtors Ltd has a P/E of 48.18, Suraj Estate Developers Ltd has a P/E of 14.91, Sunteck Realty Ltd's P/E stands at 43.26, Mahindra Lifespaces Ltd has a P/E of 91.43, and Hubtown Ltd has a P/E of 68.20. In the 2025 financial year, Sri Lotus Developers achieved a revenue of ₹ 549.68 crore, up from ₹ 461.58 crore the previous year. The net profit surged to ₹ 227.89 crore, an increase from ₹ 119.81 crore in the prior year. As of FY25, the company reported total debt of ₹ 122.13 crore. Sri Lotus Developers and Realty features an impressive group of pre-IPO investors, including cinema icons like Shah Rukh Khan, Amitabh Bachchan, and notable investor Ashish Kacholia. The company's initial public offering (IPO) is planned with a price range of ₹ 140-150 per share, aligning with the price from its private placement in November 2024 when it raised ₹ 400 crore. During that funding round, shares were issued at ₹ 150 each to 118 investors, consistent with the upper end of the IPO price band. Sri Lotus Developers IPO date: Sri Lotus IPO opens for subscription on Wednesday, July 30, and closes on Friday, August 1. Sri Lotus Developers IPO price band: Sri Lotus IPO price band has been fixed in the range of ₹ 140 to ₹ 150 per equity share of face value of Re 1. Sri Lotus Developers IPO lot size: Sri Lotus lot size is 100 equity shares and in multiples of 100 equity shares thereafter. Anchor investors:The allocation to anchor investors for Sri Lotus Developers IPO is scheduled to take place today (Tuesday, July 29). Sri Lotus Developers IPO details: Sri Lotus Developers IPO comprises solely of fresh issue, aiming to raise ₹ 792 crore. Sri Lotus Developers IPO objective: Of the total funds acquired, ₹ 550 crore will be allocated to its subsidiaries—Richfeel Real Estate Private Limited, Dhyan Projects Private Limited, and Tryksha Real Estate Private Limited—to partially cover the development and construction costs of ongoing projects: Amalfi, The Arcadian, and Varun, respectively. Sri Lotus Developers IPO listing date and allotment details: Tentatively, the allotment basis for shares of Sri Lotus Developers IPO is set to be determined on Monday, August 4. The company plans to process refunds on Tuesday, August 5, and on the same day, shares will be credited to the demat accounts of allottees after the refunds are completed. It is anticipated that Sri Lotus Developers' share price will debut on BSE and NSE on Wednesday, August 6. Lead Manager and Registrar of Sri Lotus Developers IPO: The primary managers for this offering are Monarch Networth Capital and Motilal Oswal Investment Advisors. Kfin Technologies Limited is the registrar for the issue. Sri Lotus Developers IPO reservation: Sri Lotus Developers IPO has reserved not more than 50% of the shares in the public issue for qualified institutional buyers (QIB), not less than 15% for non-institutional Institutional Investors (NII), and not less than 35% of the offer is reserved for retail investors. Sri Lotus Developers IPO GMP today: Sri Lotus Developers IPO GMP today or grey market premium is +40. This indicates Sri Lotus Developers share price were trading at a premium of ₹ 40 in the grey market on Tuesday, according to Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Sri Lotus Developers share price was indicated at ₹ 190 apiece, which is 26.67% higher than the IPO price of ₹ 150. 'Grey market premium' indicates investors' readiness to pay more than the issue price. Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
