Parsvnath fixes IPO band at Rs 250-300

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After months of delay, Parsvnath Developers, the Delhi-based real estate developer, is set to tap the capital market with an initial public offer, IPO to raise up to Rs 1,000 crore (Rs 10 billion), reports The Economic Times.

The issue, which was initially slated to hit the market in the first half of this year, finally opens on November 6, '06 and closes on November 10, '06. The issue will constitute 18.30% fully-diluted post-issue paid-up capital and the price band has been fixed between Rs 250 and Rs 300.

The issue comprises a net issue to the public of up to 3,30,38,000 equity shares and a reservation of up to 2,00,000 equity shares for subscription by employees.

The company has said that funds raised from the equity issue are to be deployed in various ongoing projects across India.

The company is currently engaged in a variety of projects, involving 20 integrated townships, 25 residential projects, 27 commercial complexes, including shopping malls, multiplexes, office space and a complete metro station. Further, the company has obtained in-principle government approvals for the development of nine SEZ projects.