Amrapali to invest Rs15K cr; plans Rs3,000 cr IPO

Amrapali to invest Rs15K cr; plans Rs3,000 cr IPO
PTI
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First Published: Mon, Aug 31 2009. 04 00 PM IST
Updated: Mon, Aug 31 2009. 04 00 PM IST
New Delhi: Real estate player Amrapali Group on Monday said it will invest Rs15,000 crore over the next five years to develop various projects across the country and is considering to raise up to Rs3,000 crore via a public offer.
The Noida-based company, which has a land bank of 2,000 acres, may launch the initial public offer (IPO) within this financial year if global market scenario improves.
“We are working on 22 projects at present, comprising residential, hotel, hospital, IT park and commercial spaces. We will invest Rs15,000 crore in developing these projects over the next five years,” Amrapali Group chairman and managing director Anil Kumar Sharma told reporters.
The group on Monday launched a 400-unit housing project in Ghaziabad with an investment of Rs125 crore.
Besides the national capital region (NCR), the group has presence in 27 cities and in states such as Madhya Pradesh, Kerala, Chattisgarh, Haryana and Rajasthan.
“Our major market is NCR, where we are developing six projects for Rs3,000-4,000 crore. The projects will be completed in three-four years,” he said.
When asked about the source for funding the projects, Sharma said it would be a mix of debt and internal accruals.
On possibility of launching an IPO, he said, “We are working seriously on this. If situation in the Middle East and the US improve, we can think of an IPO within this fiscal.”
The company could dilute up to 20% to raise about Rs3,000 crore from the capital market.
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First Published: Mon, Aug 31 2009. 04 00 PM IST
More Topics: Amrapali | NCR | IPO | Real estate | Corporate News |