Real estate company Oberoi Constructions filed its draft red herring prospectus (DRHP) today with the Securities Exchange Board of India (SEBI), according to the sources.
According to the sources, the company, proposes to raise Rs 1,500 crore via an initial public offer (IPO) and the promoters may divest 11-12% stake via this issue. Oberoi Constructions is a zero debt company. The proceeds from the IPO will be utilised towards expansion and acquisition of land bank. The company has about 26 ongoing projects.
Kotak Mahindra, Enam Securities and Morgan Stanley are bankers to the issue, it is learnt.
Also, Morgan Stanley holds about 10% stake in the company. At the time of the Morgan Stanley investment, the company was valued at about Rs 6,750 crore. The company is now looking to double it through the IPO. The IPO issue is to give a no-exit option to Morgan Stanley, it is learnt.
The above information is based on sources and no information has been provided to the stock exchanges.
