IPO money to fund Raheja flagship project

IPO money to fund Raheja flagship project

Bangalore: Raheja Universal Ltd, one of India’s oldest real estate firms, filed a draft red herring prospectus on Thursday in preparation to raise Rs864 crore from the public.

The firm, run by the Suresh Raheja-led group, said it will use Rs314 crore from the proceeds of its initial public offering (IPO) to fund the first phase of its flagship project, Raheja International Corporate City in Mumbai, being developed as an upscale business district. It will use some of the money to retire part of its consolidated debt of Rs885.6 crore and to buy land.

Close