Will not be able to file Lavasa IPO DRHP this fiscal: HCC

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Will not be able to file Lavasa IPO DRHP this fiscal: HCC

Pravin Sood, CFO of HCC says the company will go for Lavassa IPO given the right market conditions. “We will not be able to file Lavasa IPO DRHP this fiscal.”

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Excerpts from Markets Midday on CNBC-TV18 Watch the full show » Hind Constr BSE | NSE 31/05/12 Are Mutual Funds betting on Hind Constr?

Pravin Sood, CFO of HCC says the company will go for Lavassa IPO given the right market conditions. "We will not be able to file Lavasa IPO DRHP this fiscal."

Below is a verbatim transcript of the interview. Also watch the video.

Q: Lavassa I believed has achieved relatively critical scale - Rs 700 crore in terms of sales right now. Would this be an interesting time to possibly list this entire real estate venture that everybody has been tracking so closely?

A: Lavassa has been doing fine and has been attracting attention. We also feel that given the right market conditions, we should go for the IPO of Lavassa. We are just preparing ourselves to make sure that we should be able to put Lavsasa on the IPO road as soon as possible. But we will wait for the right time and right valuation and once we achieve that I think we will go for the IPO of Lavassa.

Q: So when do we get to see the draft red herring prospectus (DRHP) -- in the current financial year itself?

A: DRHP will take a bit longer time because Lavassa is a project, which has to be understood first. We are basically talking to few people - few merchant bankers - to understand how to make sure that we should be able to explain Lavassa in the market friendly manner to the people. Lavassa is something unprecedented. It's not a real estate, its basically urban infrastructure development project. We have to explain to the market in the right perspective, so that we get the right valuation.