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Paranjape Schemes files papers to raise Rs 600-cr via IPO

 The Hawk |  2015-07-11 08:50:10.0  0  Comments

New Delhi: Real estate developer Paranjape Schemes (Construction) Ltd has filed draft papers with capital markets regulator Sebi for an initial public offer to raise up to Rs 600 crore. The funds raised through the issue would be utiliseed for repayment of certain loans availed by the company, for construction and development of its projects, investment in its subsidiary, MDPL, and for general corporate purposes. The issue is being managed by Axis Capital and IDFC Securities. Paranjape Schemes has real estate projects in Pune, Mumbai, Kolhapur, Nashik, Chiplun and Ratnagiri, Bengaluru and Vadodara. According to Draft Red Herring Prospectus (DRHP) filed with Sebi, the company plans to come out with a public issue of equity shares "aggregating up to Rs 6,000 million." After a quiet 2014, IPO market is humming again as more than 30 companies have lined up plans to raise funds totalling over Rs 20,000 crore through public offers, including big names like IndiGo, Cafe Coffee Day, Matrix Cellular and GVK Airport. At least 21 of these firms have already got the go-ahead from Sebi to launch their respective IPOs, while draft papers of seven firms are currently "under process" but may be cleared soon. The flurry of activities also comes at a time when the regulator Sebi has announced a slew of fresh reforms in the IPO space, including halving the listing period to six days. So far in 2015, eight companies have launched their IPOs and have collectively raised nearly 4,000 crore. In comparison, a total of six IPOs had hit the market in the entire 2014 and together garnered just Rs 1,528 crore. PTI

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