New Delhi, September 23 (HS). Casagrand Premier Builder Limited has filed its draft red herring prospectus (DRHP) with the Securities Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). The company plans to raise Rs 1100 crore through this IPO.
According to a document filed with capital market regulator SEBI, Chennai-based real estate developer Casagrand Premier Builder Limited has filed its DRHP to launch an IPO. According to the company, this IPO with a face value of Rs 2 per equity share is a fresh issue of up to Rs 1,000 crore and a sale of up to Rs 100 crore by the promoter selling shareholders.
This also includes sale of equity shares of up to Rs 50 crore each by Arun MN and Casagrand Luxor Pvt Ltd. Casagrand Premier Builder, the largest developer in the residential sector, is a well-known residential brand in Chennai, the capital of Tamil Nadu. The company has a market share of around 24 per cent in terms of launches and around 20 per cent in terms of demand during the period from 01 January 2017 to 31 March 2024.
It is worth noting that Casagrand Luxor Private Limited has in-house expertise covering the entire project development lifecycle from land acquisition to design, construction, marketing and sales. The company has also expanded to other South Indian cities including Bengaluru, Hyderabad and Coimbatore.
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