Lotus Developers, a leading player engaged in real estate development, has backed by ace investor Ashish Kacholia, and several bollywood stars, has filed preliminary papers with the capital markets regulator SEBI to raise Rs 792 crore via initial share sale. 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 this 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 this year, it has mopped up Rs 399.2 crore via another private
placement to investors including Ashish Kacholia, Abundantia Capital, Astorne Capital, AARII Ventures, Topgain Finance, Turtle Crest, Aminiti Builders & Developers, DR Choksey Finserv, and Jagdish N Master, and Nurture Pranay Foundation.