Sebi keeps Lodha Developers' Rs 5,500 cr IPO in abeyance over past violations

New Delhi: Regulator Sebi has kept realty major Lodha Developers' Rs 5,500 crore proposed IPO in abeyance "for examination of past violations," latest update with the markets watchdog showed.

However, the Securities and Exchange Board of India (Sebi) did not clarify further.

The company had filed preliminary papers with Sebi on 26 April, seeking approval to float an initial public offering.

Representational image. Reuters.

Representational image. Reuters.

As per the draft papers filed with Sebi, the company plans to issue fresh shares worth Rs 3,750 crore, besides, an offer for sale of 1.8 crore shares by the promoters.

Also, it aims to raise about Rs 750 crore out of the proposed issue through a pre-IPO placement of 95 lakh fresh shares.

According to sources, the company is looking to raise about Rs 5,500 crore through IPO, including pre-placement of shares.

Privately-held Lodha Group is developing around 40 million sq ft area and has 31 ongoing projects in London, Mumbai

Metropolitan Region, Pune, Bengaluru and Hyderabad. It has a land bank of 350 million sq ft for future development.

Earlier, the company had filed draft papers in September 2009 to raise about Rs 2,800 crore. It had received Sebi's nod in January 2010, but later shelved its plan to launch the IPO due to bad market conditions post the global financial crisis.


Updated Date: Jun 28, 2018 17:25 PM

Also Watch

Social Media Star: Abhishek Bachchan, Varun Grover reveal how they handle selfies, trolls and broccoli
  • Monday, July 16, 2018 It's a Wrap: Soorma star Diljit Dosanjh and Hockey legend Sandeep Singh in conversation with Parul Sharma
  • Monday, July 16, 2018 Watch: Dalit man in Uttar Pradesh defies decades of prejudice by taking out baraat in Thakur-dominated Nizampur village
  • Monday, July 16, 2018 India's water crisis: After govt apathy, Odisha farmer carves out 3-km canal from hills to tackle scarcity in village
  • Sunday, July 15, 2018 Maurizio Sarri, named as new Chelsea manager, is owner Roman Abramovich's latest gamble in quest for 'perfect football'

Also See