Arun MN, Founder & Managing Director, Casagrand Premier Builder.
Chennai based Casagrand Premier Builder gets Sebi nod for Rs 1,100 crore IPO..!
Chennai based builder Casagrand Premier Builder has received approval from the capital markets regulator, Securities and Exchange Board of India (SEBI), to raise Rs 1,100 crore through an initial public offering (IPO).
The company had filed its IPO papers with SEBI on September 19, 2024. The proceeds from the fresh issue, amounting to Rs. 150 crore, will be used for the full or partial prepayment or repayment of debt availed by the company.
An additional allocation of Rs. 650 crore is designated for the prepayment or repayment, either in total or in part, of select exceptional or select exceptional borrowings secured by the company's wholly-owned subsidiaries and wholly-owned step-down subsidiaries. This will be facilitated through direct investments in these entities, alongside funding for general corporate purposes, as outlined in the official filing.
The initial public offering (IPO) has a face value of Rs. 2 per equity share and consists of a combination of fresh issues totaling Rs. 1,000 crore and an offer for sale of up to Rs. 100 crore by promoter-selling shareholders. As part of the offer for sale, the company's promoters, Mr. Arun MN and Casagrand Luxor Private Ltd, will each sell equity shares worth up to Rs. 50 crore.
Mr. Arun MN is Founder and Managing Director of Casagrand Premier Builder.
