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Lavasa Corp likely to launch IPO by December

The company has hired Morgan Stanley, Kotak Mahindra Capital, Axis Bank and ICICI Securities as its book running lead managers to manage the issue.

twitter-logo PTI   New Delhi     Last Updated: September 15, 2010  | 10:38 IST

Lavasa Corporation, a subsidiary of infrastructure major Hindustan Construction Company (HCC), is likely to launch its Rs 2,000-crore initial public offer (IPO) by December, a senior company official said on Tuesday.

"We have a filed our draft red herring prospectus on Tuesday with the Securities and Exchange Board of India (Sebi). We hope to hit the capital markets by December, subject to the clearances from Sebi," HCC's Chief Financial Officer, Praveen Sood, said.

The company plans to raise the amount through a 100 per cent book-building process, and has hired Morgan Stanley, Kotak Mahindra Capital, Axis Bank and ICICI Securities as its book running lead managers to manage the issue, Sood added.

Lavasa is being developed by Lavasa Corporation as a hill city  near Pune, spread across 12,500 acres.

HCC holds 64.99 per cent stake in Lavasa Corporation, while other shareholders include Avantha Group, Venkateshwara Hatcheries and other private investors.

Shares of HCC were quoting at Rs 63.40, up 0.24 per cent in late afternoon trade on the National Stock Exchange.

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