Mumbai: Real estate firm Kumar Urban Development Ltd plans to raise Rs 450 crore through an initial public offering (IPO) to retire high cost debts and for new projects, a company official said on Wednesday.
About Rs 200 crore would be used to retire high cost debt, while the rest would be for new development and existing projects, Chairman and Managing Director Lalit Kumar Jain told Reuters in an interview.
Special: Initial Public Offerings
"We have a very good balance between Mumbai and Pune; for Mumbai 12 projects are being launched, while seven are under construction. Pune, there are 15 projects under construction and we are launching four major township projects," he said.
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The Pune-based firm filed a regulatory application for the IPO with market regulator in September. Kumar Urban Development Ltd expects to get approval from the market regulator in the next 30 days, he said.
