Sri Lotus Developers IPO GMP: Mumbai-based Shree Lotus Developers & Realty, backed by ace investor Ashish Kacholia and several Bollywood celebs, has filed preliminary papers with capital markets regulator SEBI to raise Rs 792 crore through an IPO. The IPO comprises a completely fresh issue, with no offer for sale.
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Sri Lotus Developers IPO GMP Details
Promoters hold a 91.78 percent stake in Lotus Developers and the remaining 8.22 percent equity stake is held by 150 public shareholders including Bollywood stars, Ashish Kacholia, NAV Capital, Dovetail Global Fund, and Minerva Ventures.
- On September 16 this year, the company raised Rs 139.4 crore through private placement.
- The date of the IPO has not been announced.
- Monarch Networth Capital and Motilal Oswal Investment Advisors are the bankers managing the IPO, while Kevin Technologies is the lead registrar.
- It has issued 46.46 lakh equity shares for Rs 300 per share to 37 investors including Money Spinners, Serra Investments, Smart Algo Solutions, NAV Capital, Dovetail Global Fund, Minerva Ventures, Yantra e-SolarIndia.
Sri Lotus Developers IPO GMP
Additionally, on December 14 this year, it raised Rs 399.2 crore through another private placement of 2.66 crore equity shares for Rs 150 per share (half the price of the first private placement). A total of 118 investors have been allotted shares in the said private placement, which include Ashish Kacholia, Abundantia Capital, Astorn Capital, AARII Ventures, Topgain Finance, Turtle Crest, Amenity Builders & Developers, D.R.Choksey Finserv, and Jagadish N Master and Nurture Prannoy Foundation.
Sri Lotus Developers IPO GMP: These Celebrities Including Ashish Kacholia have a Stake
Ashish Kacholia invested around Rs 50 crore in the company for 33.33 lakh shares. Apart from this, well-known names in the film industry like Shahrukh Family Trust, Amitabh Bachchan, Ekta Ravi Kapoor, Tusshar Ravi Kapoor, Jeetendra aka Ravi Amarnath Kapoor, Tiger Jackie Shroff, Rajkumar Yadav, Rakesh Roshan, Hrithik Rakesh Roshan, Sajid Sulaiman Nadia And Manoj Bajpayee has bought 19.28 lakh shares in Lotus Developers for Rs 28.92 crore.
Where will the Money be Used?
According to DRHP, the company will use the funds raised from the IPO to invest in its subsidiaries Richfeel Real Estate Pvt Ltd, Dhyan Projects Pvt Ltd, and Triksha Real Estate. So that money can be invested in the construction and development of the currently ongoing projects. The amount will also be used for general corporate purposes.
Company Business
Shree Lotus Developers is a leading real estate developer that specializes in developing residential and commercial projects in Mumbai, Maharashtra. The company has a special focus on re-development, especially in the ultra-luxury and luxury segments of the western suburbs.
Company Financial Performance
As of December 19, 2024, the debt of the company was Rs 171.7 crore. The company’s profit for the financial year ending March 2024 stood at Rs 119.9 crore against the topline of Rs 461.6 crore. At the same time, for the half year ended September, Lotus Developers earned a profit of Rs 90.6 crore against the income of Rs 243.4 crore.
The company’s main investors in the real estate sector include companies like Arcade Developers, Keystone Realtors, Suraj Estate Developers, Sunteck Realty, Mahindra Lifespace, and Hubtown.
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