Market regulator Sebi has sought clarifications on the proposed Rs 750-crore IPO of construction major HCC’s realty arm Lavasa Corporation. Without disclosing details of clarifications sought, Sebi has said ‘clarifications are awaited from lead manager’ for the proposed public issue.
As per the latest weekly update to the processing status of draft offer documents filed with Sebi, regulator has said clarifications were awaited on the proposed IPO of Lavasa as on 8 August, 2014.
The status is updated on a weekly basis by the regulator and the next update of the status as on 15 August, would be uploaded on the Sebi’s website the next working day. Sebi said that it might issue observations on Lavasa’s IPO document within 30 days from the date of receipt of satisfactory reply from the lead merchant bankers to the clarification or additional information sought from them.
The regulator had received the draft offer documents on July 1 this year through its lead manager Axis Capital. Lavasa has filed its draft red-herring prospectus with Sebi to go in for an IPO of its equity shares of Rs 10 each aggregating to Rs 750 crore. Lavasa, which is developing a large township (hill city) in 10,000 hectares in ‘Lavasa’ near Pune, is making a second attempt to raise money though IPO.
In November 2010, Lavasa had got the Sebi clearance for an IPO to raise up to Rs 2,000 crore, but bad market conditions forced the company to scrap the plan. The proceeds from the proposed IPO would be used to fund the company’s growth. The Hindustan Construction Company group, which has 68.72 per cent stake in Lavasa, had said proposed public issue is subject to receipt of requisite regulatory approvals, market conditions and other considerations.
As per the latest weekly update to the processing status of draft offer documents filed with Sebi, regulator has said clarifications were awaited on the proposed IPO of Lavasa as on 8 August, 2014.
The status is updated on a weekly basis by the regulator and the next update of the status as on 15 August, would be uploaded on the Sebi’s website the next working day. Sebi said that it might issue observations on Lavasa’s IPO document within 30 days from the date of receipt of satisfactory reply from the lead merchant bankers to the clarification or additional information sought from them.
The regulator had received the draft offer documents on July 1 this year through its lead manager Axis Capital. Lavasa has filed its draft red-herring prospectus with Sebi to go in for an IPO of its equity shares of Rs 10 each aggregating to Rs 750 crore. Lavasa, which is developing a large township (hill city) in 10,000 hectares in ‘Lavasa’ near Pune, is making a second attempt to raise money though IPO.
In November 2010, Lavasa had got the Sebi clearance for an IPO to raise up to Rs 2,000 crore, but bad market conditions forced the company to scrap the plan. The proceeds from the proposed IPO would be used to fund the company’s growth. The Hindustan Construction Company group, which has 68.72 per cent stake in Lavasa, had said proposed public issue is subject to receipt of requisite regulatory approvals, market conditions and other considerations.