Bollywood-backed realtor Lotus looks at Rs 1,000 crore IPO – Newz9

MUMBAI: The IPO for Sri Lotus Developers & Real Estate is bound to be a star-studded affair. From tremendous begins like Amitabh Bachchan and Shah Rukh Khan, to different large names like Ajay Devgn, Hrithik Roshan, Sara Ali Khan, Ektaa Kapoor, Tiger Shroff and Rajkumar Rao, all have lately purchased small stakes within the firm.
Earlier this month, the corporate that has made its title within the extremely-luxurious residential and upscale industrial actual property segments within the metropolis, made non-public placements of somewhat over 2.7 crore shares to 125 individuals together with a number of Bollywood stars. The checklist of allottees additionally contains some know names from the monetary sector like Ashish Kacholia and Jagdish Master, ROC paperwork confirmed.
Only lately, AKP Holdings – that was a non-public restricted firm and operates underneath the model title Lotus Developers – modified its title to Sri Lotus Developers & Real Estate.
Although firm officers declined to touch upon the IPO since it’s within the means of finalizing the supply doc, sources stated that the Anand Pandit-promoted firm is seeking to increase about Rs 1,000 crore.
On Dec 4, Sri Lotus Developers made the non-public placement at Rs 150 per share and mobilized about Rs 407.6 crore. Among the allottees, Bollywood superstars Amitabh Bachhan purchased about 6.7 lakh shares at Rs 10 crore whereas Shah Rukh Khan Family Trust purchased about 6.75 lakh shares for 10.1 crore. amongst different large names Hrithik Roshan purchased 70,000 shares for somewhat over Rs 1 crore. Several of those Bollywood stars personal residential and industrial areas in Lotus Developers’ properties, sources stated.