Ashish Kacholia Backed Sri Lotus Developers Gets SEBI Nod for IPO, Looks to Raise INR 792 Cr
Sri Lotus Developers, a leading player engaged in real estate development, backed by ace investor Ashish Kacholia, and several bollywood stars, had earlier filed preliminary papers with the capital markets regulator SEBI to raise Rs 792 crore via initial share sale, and has received final approval from the Securities and Exchange Board of India (SEBI). The IPO comprises of solely fresh issue with no offer-for-sale component. Promoters hold 91.78 percent stake in the 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, Minerva Ventures, Oppbasket. On September 16 last year, the company had raised Rs 139.4 crore via private placement with allotment to investors including Money Spinners, Sera Investments, Smart Algo Solutions, NAV Capital, Dovetail Global Fund, Minerva Ventures, Yantra E-Solarindia, and Oppbasket. Further, on December 14 last year, it has mopped up Rs...