Mumbai-based Lodha Developers Ltd, which has been renamed Macrotech Developers, filed the draft pink herring prospectus (DRHP) with the Securities Exchange Board of India (Sebi) final month.
According to banking sources, the corporate has acquired the SEBI approval to launch its IPO.
The public situation is more likely to hit the capital market on April 7, they added.
An organization spokesperson declined to remark.
This can be the third try by Lodha Developers to launch a public situation and checklist its shares on the inventory exchanges.
The firm had filed its DRHP for the primary time in September 2009, to lift about Rs 2,800 crore. It had acquired Sebi”s nod in January 2010 however later shelved the plan because of unfavourable market circumstances submit the worldwide monetary disaster.
In April 2018, Lodha Developers once more filed the DRHP and acquired SEBI”s approval in July 2018 to launch its IPO to lift as much as Rs 5,500 crore. However, the plan was shelved amid market turmoil.
Earlier, sources had stated that Lodha Developers goals to lift round Rs 2,500 crore by way of its IPO with a dilution of 10 per cent stake. The proceeds can be used to repay debt and the event of tasks.
The privately-held Lodha Group, which was based in 1995 by Mangal Prabhat Lodha, is a number one participant within the Indian actual property market. It has a presence in Mumbai, Pune, and London.
Lodha Group is the nation’s largest residential actual property developer by gross sales bookings.
The group had forayed into the London realty market in 2013 and bought two prime websites in central London for an funding of about 400 million kilos.