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Nitesh Estates plans to raise funds through IPO |
By e4p Correspondent, Wednesday, September 02, 2009, 16:59 Hrs [IST] |  |
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Category: Machinery | Tags: Nitesh Estates stock market listed, Morgan Stanley | Share:  |
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Bangalore based Nitesh Estates is likely to raise Rs 550 crore by listing its shares on the stock markets by early 2010. The company is expected to submit its draft red herring prospectus to SEBI shortly.
The company is likely to dilute close to 30 per cent shareholding through the Initial Public Offer (IPO). It has roped in Morgan Stanley and three Indian banks for its proposed IPO and a fresh round of private equity infusion.
The proceedings are likely to be used for the construction of 19 residential projects, a city centre mall in Indira Nagar in Bangalore and the proposed 267-room Ritz Carlton in Bangalore. Part of the funds is expected to be used for acquisition of new JVs. The company works on the JV model to carry out its projects.
Source : ProjectsToday
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