Sahara Prime City plans to raise Rs 5,000 cr in IPO

Sahara Prime City plans to raise Rs 5,000 cr in IPO
Business Standard, August 21, 2009, Page 4

Press Trust Of India / New Delhi

Sahara group’s realty arm Sahara Prime City is planning to raise up to Rs 5,000 crore by this year-end through an initial public offer (IPO) and will approach market regulator SEBI later this month in this regard.

The company is believed to have engaged investment bankers, including Kotak, Enam and JM Financial, for the public issue, market sources said.

The draft prospectus for the IPO is being readied and the same could be filed with the Securities and Exchange Board of India by the end of this month.

No comments could be obtained from the Sahara group spokesperson, but sources said the group would wish to launch the IPO by the end of this year, subject to Sebi approval.

Sahara Prime City will be the third Sahara group entity to enter the capital market after Sahara Housingfina Corp Ltd and Sahara One Media and Entertainment Ltd. It is present in over 200 cities with its housing and commercial projects.

However, the group’s ambitious Ambey Valley project is not part of the company.