25 companies call-off IPOs due to sluggish market

Source :ET:28 NOV, 2011, 04.20PM IST, PTI

NEW DELHI: Owing to a sluggish trend in the stock market, at least 25 companies have called off their Initial Public Offer plans so far in 2011, a report has said.

Mostly from the real estate and power sectors, these 25 IPOs (Initial Public Offers) were together estimated to raise about Rs 31,000 crore worth capital to fund the companies' business expansion plans.

The BSE benchmark Sensex has lost more than 23 per cent since the beginning of 2011 and hit its 52-week low of 15,478.69 on November 23, 2011.

"The bad mood of capital markets have led 25 companies to call off their IPOs during the 2011 calendar year. The probable amount that these companies were planning to raise was to an aggregate of Rs 31,000 crore," brokerage firm SMC Global Securities said in a report.

Even after getting approval from market regulator Sebi, these companies could not launch their IPOs within the valid period of one year from the date of approval, mainly on account of the ongoing turmoil in the capital markets.

These 25 companies having cancelled their IPOs included a host of the real estate players, such asLodha Developers, Ambiance Real Estate, Kumar Urban Developers, Neptune Developers, BPTP, Raheja Universal and Lavasa Corporation.

Besides, a number of power sector companies, such as Sterlite Energy, Jindal Power, Avantha Power and Ind Bharat Power Infra, have also called off their IPO plans.

Also, the government's disinvestment programme to bring public issues of several blue-chip PSUs couldn't take off.

"If the government is not getting enough confidence to bring FPO (follow-on public offer) for ONGC, how will the promoters of any smaller companies stick their necks out? This is surely impacting the confidence of the promoters of the smaller companies," SMC said.

Besides, a few companies such as Micromax have already announced IPO deferrals even though approval forSebi validity still remains.

There are at least 10 companies who have valid approval from the market watchdog and are left with just 2 months in their validity period of one year from the date of Sebi approval like Pride Hotels, Tara Jewels.

SMC said that the cancellation of IPOs could impact the companies' ability to raise capital to finance their expansion projects, which could eventually result in a slowdown in capacity building and job creation.

It also noted that the trend in the IPO market may lead to panic in the minds of the private equity (PE) funds, as they would be unable to exit from their investments.

The PE funds generally invest in unlisted companies in the hope of a later exit through IPOs.

Tara Jewels To Launch IPO Soon To Raise Rs.200 Cr.

Source:RTTNews - 10/7/2011 2:16 AM ET

The Mumbai-based jewellery exporter Tara Jewels said it had obtained approval from the market regulator Securities and Exchange Board of India or SEBI to launch its Initial Public Offer or IPO.

Chairman and Managing Director Revin Sheth said the company was planning to raise up to Rs.200 crore through the share sale.


Tara is a leading jewel export company with a turnover of Rs.1,000 crore. It has 30 showrooms in India and will soon open 20 more in various parts of the country, he added


The company has three more jewellery outlets in Gujarat based at Ahmedabad, Baroda and Surat. It has now opened a showroom in Rajkot on Wednesday.


Founded in 2001, the Tara Jewels is an integrated player that dabbles in manufacturing, retailing with manufacturing facility and distribution with offices in China, United States and India.

Vodafone may appoint 4 lead bankers for IPO:

 


Source : CNBC-TV18 :Sep 14, 2011 at 14:18 




Vodafone, one of the largest telecom operators in India, is likely to appoint four lead bankers for its initial public offering (IPO), reports CNBC-TV18's Kritika Saxena quoting sources.

    

In fact, the company is learnt to have started talks with bankers to frame the contours of the IPO, through which it plans to dilute between 11%

 and 14% stake. "Six investment banks have pitched for IPO mandate and will be appointed by October," sources say.

However, when contacted, the company said it did not wish to comment on such speculation.

 

Sebi clears MCX IPO proposal

Souece : PTI Sep 12 2011, Mumbai


Leading commodity exchange MCX today said market regulator SEBI has cleared its Draft Red Herring Prospectus for an initial public offer.


The clearance of the Securities and Exchange Board of India (SEBI) is valid for 12 months from now. The exchange has been asked to file offer document with stock exchange/ROC, a company spokesperson said here.


The Multi-Commodity Exchange of India (MCX) had filed DRHP with SEBI for an IPO of 6,427,378 equity shares of Rs 10 each through an offer for sale by existing shareholders.


The offer constitutes 12.60 per cent of the paid-up equity share capital of the company.


The offer will be through a 100 per cent book-building process, wherein not more than 50 per cent of the net offer will be allocated on a proportionate basis to qualified institutional buyers, not less than 15 per cent of the issue will be available to non-institutional bidders and not less than 35 per cent of the issue will be available to retail individual bidders.


The exchange has diverse shareholding pattern with international names like NYSE Euronext, Fidelity, Merrill and leading Govt institutions like SBI, Nabard, Corporation Bank.


Financial Technologies (India) Ltd, State Bank of India, GLG Financials Fund, Alexandra Mauritius, Corporation Bank, ICICI Lombard General Insurance Company and Bank of Baroda are the selling shareholders in the offer. FTIL (Promotors of MCX) holds 31 per cent before IPO and will dilute to 26 per cent.


Listing is expected to ensure the highest level of shareholder and public scrutiny, corporate governance and transparent trade practices, the official said.


The exchange paid dividend over 3.15 times that of equity since its inception.


MCX is the sixth largest commodity exchange in the world with No 1 in silver and No 2 ranking in gold. It would be the first exchange in India to go public and get India at par with other countries with listed exchanges such as the US, Hong Kong, the UK, Singapore, Japan and Australia.


Edelweiss Capital, Citigroup Global Markets India and Morgan Stanley India Company are the book running lead managers to the offer.

IPO- P N B

 















Mr P. K. Anand (left), Executive Director, Punjab and Sind Bank, with Mr H.S. Makker, Chief GM, at a news conference to announce the bank's IPO in Mumbai on Wednesday.

Source :BL Bureau Mumbai, Dec. 8.2010

Price band at Rs 112-113; plans to raise Rs 480 cr.

 Punjab and Sind Bank said on Wednesday that its initial public offering will open on December 13.

 The bank is proposing to enter the market with a fresh issue of four crore shares and will raise close to Rs 480 crore through the issue.

The IPO will constitute 17.9 per cent of the post-issue share capital of the bank.

 The Government's stake in the public sector bank will decrease from 100 per cent to 82 per cent after the IPO.

Discount to investors

The issue will close on December 15 for Qualified Institutional Bidders and on December 16 for other investors. The price band has been fixed at Rs 113-120 and a five per cent discount to the issue price has been given to retail investors and eligible employees of the bank.

The proceeds from the issue will be used to augment the bank's capital base to meet its future capital adequacy requirements and the growth in its assets, mainly its loan and investment portfolio.

Punjab and Sind Bank has been seeing a compounded annual growth rate of 28 per cent in credit and 36 per cent in deposits over the past five years.

Despite high growth, the bank has contained its non-performing assets through aggressive provisioning and recovery, said Mr P.K. Anand, Executive Director.

In the first half of the current fiscal, gross NPAs were 0.92 per cent and net NPAs were 0.44 per cent.

The provision coverage was at 86.83 per cent, against the mandated regulatory requirement of 70 per cent.

Net profit was Rs 276 crore. Net Interest Margin was at 3 per cent.

Focus on cash

The share of low-cost current account savings account (CASA) was at 25 per cent, which would be a focus area for the bank, going ahead, said Mr Anand.

The bank will look to moderate growth to some extent, but would continue to maintain credit growth at 1.25 per cent higher than industry growth rate.

According to Basel–II norms, the bank's Tier–I capital is 7.98 per cent and capital adequacy ratio is 13.1 per cent as on end-September.

Post the IPO, CAR would be around 14 per cent and Tier I would be approximately above 9 per cent, Mr Anand said.

Rating agency, CARE has graded the issue 4/5 indicating above average fundamentals.

The Qualified Institutional Bidders have been allotted 50 per cent of the shares, retail investors 30 per cent and High Networth Individuals 10 per cent.

SBI Capital Markets, Enam Securities and ICICI Securities are the book runners lead managers of the issue.

How to play the IPO game

Source :Moneylife Digital Team:Dec 3,2010

IPO mania is here again.


 But as a Moneylife research study shows, there is only one way to play the game. Debashis Basu, Sanket Dhanorkar and Pratibha Kamath explain.


 Plus a survey of readers’ opinion on key issues regarding IPOs


It is that time again when companies queue up to raise heaps of public money from primary markets. With stock markets trading tantalisingly close to their historic peaks, the upbeat market mood is perfect for taking a splash in the money pool. After all, the opportunities in the wake of a booming stock market are simply too mouth-watering for promoters to ignore. We have already seen a flurry of activity in the primary market which is threatening to turn into a glut.

CFOs will be hard at work to dress up the company financials and present a rosy picture to investors. Investment bankers will be spending countless hours managing disclosures in prospectuses and planning a marketing blitz around the issues. Promoters will be smacking their lips in anticipation. After the dust settles down on this party, the promoters and bankers will have fattened their wallets while clueless investors will be left licking their wounds, baffled at the steady fall in post-issue price. But, if you have the stomach for it, there is a way you can turn the tables on the promoters and beat them at their own game.

Putting it simply, there can be three options for you as an investor in IPOs. IPO performance data over the past three years shows that one of these is a winning strategy and the other two are not. Here is an analysis of investment in IPOs under the three options and what could have been your returns in each case.

Scenario 1: Staying the course
‘Buy and hold for the long term’ is a strategy often advised to investors who wish to earn decent returns on equity investments over the long term. It does make sense to follow this strategy for picks in the secondary market, because one is able to buy high-quality stocks at a reasonably low price from time to time when the market crashes and also as long as one is not married to the scrip. But anyone bringing this idea to the primary markets is running a fool’s errand. Investors who had bought at the issue price and held their investments in their portfolio would be staring at large losses.

 Here are the bare facts.

 A whopping 60 out of the 107 companies that have listed in the past three years are now trading below their issue price! A 44% chance of making money on one’s investment is hardly encouraging. Of these 107, only 12 are still showing a price appreciation of 100% or more (as of 20th October) while 23 stocks are trading at less than a third of their issue price.



The average return investors would have earned had they invested in all 107 public issues would be 15%. The Systematic Investment Plan over three years in an index fund would have earned you almost double that amount.

 Even this 15% is due to a high degree of skewness. Some issues that have done exceedingly well are clear cases of price-rigging and manipulation. Indeed, the median return on investment for the buy-and-hold investor in this scenario would be a pathetic -4%.

 So, if you are looking to buy at the time of issue and sticking to your guns no matter what, you are essentially playing a zero-sum game. It could pay rich dividends if you know about stocks that would be rigged up in the secondary market. Else, you could find yourself in a very deep hole.

Among the IPOs that stand out, Kiri Dyes & Chemicals is now quoting at a 316% premium to its issue price. Midfield Industries and Bedmutha Industries have run up 224% and 174%, respectively, over their issue price, within a matter of weeks. Our market sources whisper of market manipulation with ease. Meanwhile, stocks like Bang Overseas and Resurgere Mines & Minerals India have tanked 76% since the issue. Even stocks from supposedly high-growth sectors, like KSK Energy Ventures and Gammon Infrastructure Projects, are trading 28% and 31%, respectively, below their issue price.

Scenario 2: The Sitting Duck
What would be the outcome for someone wanting to get in at the time of listing of the stock and holding on to his investment? The situation would be grim, to say the least. Out of the 107 public issues over the past three years, as many as 65 are now trading below their listed price! This means investors have only a 39% chance of getting something back on their investment in this scenario.

Looking deeper, we observed that 30 stocks are now trading at less than a third of their listing price while only a handful of stocks have witnessed a price appreciation of more than 100% since listing. 

Worse still, had you invested in all of these 107 companies at the time of listing, you would now be sitting on a paltry 4% average return. Of course, this figure would have been even lower but for a few stocks that might have been manipulated, generating higher returns.

 The median return on investment in this scenario is a frightening -14%! Essentially, an investor making an entry into the stock on listing day is no better off than a duck during hunting season.



As we said, a handful of stocks have exhibited robust growth even after listing. These are among the small breed that have worked their magic on the back of that rare combination: low offer price and robust earnings growth. 

Prominent among these are Jubilant Foodworks (up 209% since listing), Rural Electrification Corporation (up 180%) and J Kumar Infraprojects (up 129%). Among the recent issues to have hit the market, Aster Silicates, Tirupati Inks, Emmbi Polyarns and Tarapur Transformers have turned sour since listing. What could be the reason behind such measly returns post-listing?

 For that, we need to delve into the third and last scenario—the listing-day phenomenon. 

Scenario 3: Playing the Flipping Game
Ask any smart investor the reason for wanting to invest desperately in an IPO. Almost always, the answer will be: gains that come by flipping on listing. The price pop that is generally associated with the listing of a stock is why investors are so attracted to an IPO.

 Numbers support this. An astounding 95 stocks that hit the market in the past three years got listed above their issue price. This means that an investor has an 89% chance of adding value to his investment on the listing day itself.

 On an average, these stocks would have yielded investors gains as high as 11% had they exited at the time of listing. As many as 44 stocks have yielded more than 10% on listing. To put things in perspective, out of the 15% returns that investors have so far clocked on the issue price of these stocks, 11% was captured at the time of listing itself! This means that almost 75% of the gains were accounted for at the time of listing. This explains why the returns post-listing were so abysmal, at least in the past three years.

Among the stocks that have seen a substantial pop at the time of listing: DQ Entertainment, with a massive 69% price pop, followed by Career Point Infosystems (49%) and NMDC (46%). DQ Entertainment and NMDC have, since, suffered a plunge of 13% and 37%, respectively, while Career Point Infosystems has inched up 7%. Interestingly, companies that have tanked dramatically since listing showed a substantial jump on listing day. Future Capital Holdings, Rishabdev Technocable and Tirupati Inks were among those that got listed at a huge premium and went downhill subsequently.

The Inconvenient Truth So what should an investor do? The obvious conclusion one can draw is that there is only one way to make money from a public issue—to play the promoters’ own game, but play it even better. And that is to flip the scrip—get in and out before all hell breaks loose.

 Remember, the Reliance Power IPO debacle?

 The stock opened at a 22% premium over its issue price, but now finds itself down 54%. Although we do not recommend investors to practise such a strategy, this is the unfortunate truth. Investors seem better off playing the shorter format of the IPO game rather than testing their mettle in the longer format. That is what most investors look to do—hit a six and get out instead of grafting a painful innings out in the middle.

But this is the very nature of the primary market, as we have pointed out several times in the past. To put it simply, IPOs are a typical bull market phenomenon and at that time pricing goes haywire. As we have seen in 1994, 2000 and, recently, in 2007, a rush of IPOs happens only when things look extremely rosy. A persistent and untrammelled rise in stock prices has always attracted a flood of IPOs.

 It is then that investment bankers collude with companies to stick expensive stocks on you. This keeps happening in cycles—IPO mania is at its peak during booms but new issues are conspicuous by their absence when the market is down for a prolonged period. In the bear phase between February 2008 and 2009, only 33 issues came up for listing. However, the phenomenal rally since March 2009 has brought in its wake 74 public issues till date.

Toss in a hot stock in a bull market and the stock should do well, right? This is where one essential feature of the IPO market comes into play, almost guaranteeing that you will lose money: You have no choice over the price you pay. 

It is promoters and investment bankers who decide the time and price for their public issue that suits them the best. And they are only interested in the highest possible price. A bull market is a seller’s market. This is why IPOs can rarely come cheap your way. But that is the very reason while prices unravel in the post-issue phase. 

All the issues that have failed were not only hit by the changed market climate but also by unreasonably high pricing. 

That is the nature of the IPO game. So, the lesson is simple.

 Avoid IPOs if you can and if you are, indeed, tempted to subscribe, flip it on the first day. IPOs are rarely more than one-day wonders.

MOIL issue price fixed at Rs 375, listing likely on Dec 15

Source :ET:NEW DELHI:4 DEC, 2010, 07.14AM IST,PTI 


 State-run MOIL's issue price has been fixed at Rs 375 per share at which Rs 1,260 crore will be raised from IPO investors , and the company is likely to get listed on stock exchanges on December 15. 

"Each share of MOIL will be issued at Rs 375 and the company is likely to be listed on December 15," Finance Ministry sources told PTI, making the manganese miner the fifth PSU to divest stake this fiscal. 

The issue price of Rs 375 per share is at the upper end of the price band of Rs 340-375 fixed by the government. 

The public stake sale, which opened for subscription on November 26, was oversubscribed more than 56 times. By the end of the final day of the offer on December 1, it had attracted bids for 189.13 crore shares, though only 3.36 crore equities were up for grabs. 

At the issue price of Rs 375 per share, the IPO would raise about Rs 1,260 crore. 

The Centre is divesting a 10 per cent stake in the company under the IPO, while the state governments of Madhya Pradesh and Maharashtra will offload 5 per cent participating interest each. 

The price band was fixed by an Empowered Group of Ministers chaired by Finance Minister Pranab Mukherjee and attended by Home Minister P Chidambaram and Planning Commission Deputy Chairman Montek Singh Ahluwalia. 

The government, which hopes to raise Rs 40,000 crore through PSU disinvestment this fiscal, has already mopped up close to Rs 20,000 crore through divestment in PSUs Satluj Jal Vidyut Nigam, Engineers India, Coal India and Power Grid.

Busiest week for IPO market in 15 years; a choice of 11 IPOs

Source :ET:NEW DELHI::20 SEP, 2010, 04.42PM IST,PTI 




 This week is slated to be the busiest in the last 15-years for the primary market, with eight companies seeking to raise around Rs 3,000 crore through public offers, in addition to three already underway. 


The initial public offers of eight small and medium scale companies, including Cantabil Retail and Ramky Infrastructure, are opening this week. The combined value of these IPOs is Rs 2,853 crore. 


Besides, three issue which opened last week are underway to raise Rs 612 crore. 


So, in all, people have the choice to invest in as many as 11 companies in a single week, highest since 2007.


"This will be the busiest week in the Indian primary market history after 1995. Even during the red-hot bull market of 2007, no single week featured 11 IPOs," SMC Global Securities Equity Head Jagannadham Thunuguntla said. 


He added that the last high was in February 2007, when 10 IPOs had hit the capital market in one week. 


Analysts believe that there is enough appetite in the market to absorb these issues. 


"There is enough appetite among investors, and large number of IPOs are providing more choices to them. They can choose issue from a variety of options," Enam Securities MD Yogesh Kapur said. 


The companies, which are hitting the primary market this week include, Orient Green Power (Rs 900 crore), VA Tech Wabag (Rs 500 crore), Electrosteel (Rs 285 crore), Tecpro Systems (Rs 268 crore), Ashoka Buildcon (Rs 225 crore) and Gallant Ispat (Rs 40.50 crore). 


While Ramky Infrastructure and Cantabil Retail will hit the capital market with issue sizes of Rs 530 crore and Rs 105 crore respectively. 


Besides, tutorial service provider Career Point, entertainment and media firm Eros International and Microsec Financial Services, which opened last week, will be available for subscription this week. 


Recently, public issues of a number of entities including SKS Microfinance, Prakash Steelage Ltd and Gujarat Pipavav Port Ltd got good response from investors and were oversubscribed. Listing of these firms was also impressive. 


The follow-on public offer of the state-run Engineers India Ltd also received big investor response. 


Corporate India raised over Rs 47,867 crore through 44 public offers during 2009-2010, a period when the stock market benchmark Sensex gave a handsome return of over 80 per cent. 


Apart from some big IPOs such as that of JSW Energy and Adani Power, the fiscal also saw divestment of the government's stake in NMDC and NTPC through the follow-on offers.

11 IPOs to raise nearly R3,500 cr this week

Source :HT Correspondent, Hindustan Times:Mumbai, September 21, 2010First Published: 00:45 IST(21/9/2010)


If the secondary market is on fire, the primary market is trying to play a catch up, seeking to capitalise on the rally driven by foreign institutional investors (FIIs). As many as 11 companies have lined their initial public offerings to raise a total of Rs 3,495 crore in the week that began on Monday.This is however not a green light for investors to line up for these IPOs, as the markets are entering dangerous territory and valuations overall are getting stretched with every day’s rise in markets, experts say.


“The investors will have to be very selective as lot of these are small companies. They should wait for the government divestment that may come up next month,” said a market expert who did not wish to be named.


The size of individual IPOs vary from a high of Orient Green Power’s Rs 900 crore to Gallant Ispat’s low of Rs 40.5 crore.


How much of the FII inflow gets into these IPOs is to be seen. Fund flow from FIIs has concentrated in the secondary market so far in September. Of the net investment of Rs 14,158.6 crore by FIIs this month, only 1.4 per cent or Rs 197.9 crore has gone to the primary market.


Some say this sort of line up for raising money from the primary market is one of a kind.
“This will be the busiest week in the Indian primary market history after 1995. Even during the red-hot bull market of 2007, no single week featured 11 IPOs,” said Jagannadham Thunuguntla, equity strategist at SMC Global.

VA Tech Wabag sets IPO price band at Rs 1,230-1,310/share

Source ; BS :Reuters / Mumbai September 20, 2010, 11:55 IST

VA Tech Wabag, a player in water treatment industry, has fixed a price band of Rs 1,230-1,310 a share for its Rs 472 crore initial public offer, two bankers advising the deal said on Monday.

The offer opens on Wednesday and closes on Friday, they said, adding that the book for anchor investors will open on Tuesday. Bidding for retail investors will be extended for one more day, closing on Sept 27.


The book running lead managers to the issue are Enam Securities and IDFC Deutsche Equities (India)

Rush of IPOs to beat SEBI results norm

Source :BL:

Tania Kishore Jaleel:

Mumbai, Sept. 17,2010

12 issues coming this month to raise Rs 4,000 cr.

A SEBI directive and a soaring secondary market have led to a flurry of initial public offerings aimed at making it before September 30.

Some Rs 4,000 crore will be raised through 12 IPOs that are being pushed through during this period. Since September 14, any given day of the month has seen at least two ongoing IPOs to date, and the rest of the month is going to be no different, at least until September 27.

"A big reason for this flood of offerings is because of the September 30 deadline set by SEBI," said Mr Sanjay Jain, Executive Director and Head of the Investment Banking Division at JM Financial Consultants. SEBI has said that if companies have issuances that hit the market after September 30, then they will have to publish their June quarter results. Those that enter the marker before that can file the DRHP with their March-end annual results.

What is interesting is that the June quarter results of many of the listed companies were below expectations, and that of yet-to-list companies are likely to be the same, said analysts. It is not a surprise then that they don't want to raise funds using their June quarter results.

Strong liquidity

The other reason for the spate of IPOs is the robust state of the stock market itself. "Liquidity is strong at the moment and stocks are looking up; this is one of the reasons why a lot of companies are ready to hit the markets now," said Mr S. Ramesh, Chief Operating Officer of Kotak Investment Banking.

The Sensex has risen close to six per cent over the last two weeks and reached a 34-month high of 19,600 during this time, and foreign institutional inflows too have been strong. FIIs have invested Rs 7,862 crore in the net in equities during the last week.

"Nobody is confident of the market, so now when there is liquidity many issuers want to take advantage of this window of opportunity," said Mr Jagannadham Thunuguntla, Head of Equity at SMC Capital.

No danger of crowding out

Some brokers believe that the Hindu religious period of Shraddh has also led to a lot of companies rushing to enter the market.

This is a span of time, running from September 24 to October 7, when Hindus do not make any purchases, and usually there is a drop in sales of cars, houses and other large assets.

Though the IPO market is currently abuzz with action, merchant bankers say that there is no danger of crowding out or bunching up of issues. "These are all small issues and liquidity will not get sucked out due to the number of issues. The total amount raised by all these issues is rather small," said Mr Apurva Shah, Managing Director, Corporate Finance, at Deutsche Equities India. The mega issues of Coal India and ONGC will hit the market after the second week of October and they will face no liquidity crunch, said brokers. Also, the turnaround of IPOs is now 12 days and investors get refunded quickly, said Mr Thunuguntla.

Tirupati Ink's follow-on offer closed on Friday, while Career Point Infosystems' second day is on. Eros International Media and Microsec Financial Services opened on Friday. Monday will see four companies announcing their issues all of which will close before September 27.

Lavasa eyes Rs 2,000-cr IPO

HT Correspondent, Hindustan Times:Mumbai, September 14, 2010: 23:24 IST


Lavasa Corporation, which is building an ambitious five-town Lavasa project in Pune district, on Tuesday filed the draft red herring prospectus with the Securities and Exchange Board of India to raise Rs 2,000 crore through its initial public offering. With around 10 per cent equity dilution the 



company will be valued at Rs 20,000 crore at the time of listing. The issue is expected to hit the market in November and will help the company reduce debt.


“The issue will help reduce the debt that currently stands at Rs 1,700 crore along with land expansion and project development,” said a source close to the development.


ICICI Securities, Kotak Mahindra Capital, Morgan Stanley India and Axis Bank are the book running lead manager to the issue.


The company plans to complete the first town in Lavasa in 2011 and the second by 2013-14.