New Delhi: Triveni Infrastructure Development Co Ltd has sought approval from the markets regulator for an initial public offering of 8 million shares, the real-estate developer said in a statement on Tuesday. The proceeds from the offer will be used to finance land purchases and for development and construction of residential and commercial projects, among others, it said.
The firm has developed about 5.28 million square feet of residential and commercial properties, and is developing a further 8.55 million square feet in north India. It has, singly or in jointly, land reserves of about 544 acres, it said in the statement.
Triveni did not provide the size of the offering, saying it would determine the premium to the shares, which have a face value of 10 rupees each, through a book-building process.
India Infoline is the lead manager to the issue, the statement added.