Akruti Nirman, the Mumbai-based infrastructure developer, is planning to raise about Rs 5 billion through an IPO. The company, which is developing apartments for slum dwellers, has filed the DRHP with market regulator Sebi and expects to be open for subscription in January next year, reports India Infoline.
Akruti plans to utilise the issue proceeds for part-funding its expansion plans and would join the bandwagon of infrastructure developers like Parsvnath , Sobha Developers and Lanco , who have collectively raised over Rs 25 billion from the markets this year.
The company, currently working on projects worth Rs 8 billion, specialises in redeveloping slum land and building concrete houses for its habitants, while using excess land for other commercial projects like IT parks.
The company has constructed concrete accommodation for more than 10,000 slum dwellers so far and has recently forayed into commercial projects, including mall development.
Akruti Nirman, the Mumbai-based infrastructure developer, is planning to raise about Rs 5 billion through an IPO. The company, which is developing apartments for slum dwellers, has filed the DRHP with market regulator Sebi and expects to be open for subscription in January next year, reports India Infoline.
