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Feb 14, 2013, 05.32 PM IST | Source: Moneycontrol.com

SME: Sunstar Realty Development IPO to open on February 18

Real estate company Sunstar Realty Development is going to enter capital market with a public issue of 53.10 lakh equity shares on February 18. The issue price has been fixed at Rs 20 per share.

Real estate company Sunstar Realty Development is going to enter capital market with a public issue of 53.10 lakh equity shares on February 18. The issue price has been fixed at Rs 20 per share.

Currently, the company has two diversified planned projects at Gujarat. It also entered into an agreement with Triveni Infratech to acquire 2.51 acres of land at district Hooghly of West Bengal for forthcoming development. "We also own 10.82 acres of land, which we intend to develop," the company said in its prospectus.

It also received a work order worth Rs 20.61 crore from Jain Infraprojects for pile foundation work at its proposed FTWZ situated at Ibrahimpur, Junaipur Dist Bulandshahar, Uttar Pradesh.

Sunstar aims to raise Rs 10.62 crore through the issue, which will close on February 21.

Realty firm intends to use issue proceeds for financing the expenditure of work order awarded by Jain Infraprojects Limited; funding the development & construction related expenditures of planned projects; and brand building & general corporate purposes.

Guiness Corporate Advisors Private Limited is the book running lead manager to the issue.

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