Triveni Infrastructure Development Company Limited, a real estate developer with primary focus on the National Capital Region (NCR) of India and Tier-II and Tier-III cities in the adjoining states of Haryana and Uttar Pradesh, has filed its Draft Red Herring Prospectus with the SEBI to enter the capital market with its Initial Public Offering of equity shares.

Triveni Infrastructure proposes to offer 80,00,000 equity shares of Rs 10 each for cash at a premium to be decided through a 100 per cent book-building process. Of the shares on offer, at least 60 per cent of the issue shall be allocated on a proportionate basis to QIB bidders, out of which five per cent of the QIB portion shall be available for allocation on a proportionate basis to the Mutual Funds only and the remainder of the QIB portion shall be available for allocation on a proportionate basis to all QIB bidders, including Mutual Funds. Further, up to 30 per cent of the issue shall be available for allocation on a proportionate basis to Retail Individual Bidders and up to 10 per cent of the issue shall be available for allocation on a proportionate basis to Non-Institutional Bidders.

As a part of the Company’s strategy, it is moving to newer locations to diversify its project portfolio and offerings with potential upwards. Proceeds from this IPO will part finance land acquisition and approval costs for some of these residential and commercial projects. Further, it will also part finance the development and construction costs over the acquired lands for these projects. These proposed projects include two residential group housing projects over approx. 20.365 acres of land and four commercial projects, with three IT Parks and a Commercial Complex, over approx.29.503 acres of land in Gurgaon, Haryana.

Says Mr. Madhur Mittal, Managing Director and CEO (Executive), of the Company, “As we are moving to newer locations, we are diversifying our offerings by developing Commercial Complexes and IT Parks. Today, we have evolved as one of the key players in the real estate development in the fastest growing regions in and around NCR.” 

Sourced From: Prana Public Relations