Bhimjyani Group-owned Neelkanth Realtors has approached capital market for raising funds to develop Neelkanth Plaza project in Thane, Maharashtra, as it has filed draft red herring prospectus with SEBI for IPO.
The real estate developer, with focus in Mumbai’s eastern suburbs and Thane city in the Mumbai Metropolitan Region (MMR), targets to raise funds via entirely fresh issue of 1.35 crore shares with no offer-for-sale component.
The company has 39 projects with developable area of 15.68 lakh square feet, while it has three ongoing projects with RERA carpet area 1.11 lakh, and four upcoming projects with an estimated RERA carpet area of 3.75 lakh square feet.
The Rs 67.83 crore out of the fresh issue proceeds will be utilised for the development of commercial project - Neelkanth Plaza - in Thane. The remainder IPO funds will be used for repaying debt (NCDs), and general corporate purposes.
As of November 27, 2024, the total amount outstanding towards non-convertible debentures (NCDs) was Rs 200 crore.
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On the financials front, Neelkanth Realtors has recorded profit at Rs 17.5 crore for the year ended March 2024, growing sharply from Rs 0.07 crore in the previous fiscal, however, revenue in the same period fell 5.8 percent to Rs 54 crore. In the quarter ended June 2024, profit stood at Rs 2.4 crore on revenue of Rs 14.3 crore.
The sole book running lead manager handling the public issue will be Swastika Investmart.
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