Sobha Developers to list on Dec 20

The Bangalore-based Sobha Developers, which entered capital market with the public issue of 88,93,332 equity shares of Rs 10 each and subscribed 114 times, will list on December 20, 2006 with 7,29,01,733 shares on bourses. The issue price fixed at Rs 640 per share.

Its BSE ID is 532784 and NSE ID is SOBHA.

The issue received tremendous response from investors wherein qualified institutional investors’ portion subscribed 169 times, non-institutional investors 194 times and retail investors 21 times.

The company developed and constructed 21 residential projects in Bangalore covering approximately 2.98 million sq ft, 75 contractual projects in eight Indian States covering about 8.42 million sq ft and two commercial projects aggregating 0.11 million sq ft.

SDL has land reserves measuring to about 2,747 acres in Bangalore, Mysore, Pune, Chennai, Kochi, Thrissur and Coimbatore.

The company proposes to utilise the net proceeds of the issue to finance land acquisition and fund ongoing projects. A part of proceeds would be used to repay certain loans.

Kotak Investment Banking, Enam Financial Consultants and IL&FS Investsmart were the book running lead managers.
Source : moneycontrol