Hindustan Construction Company (HCC) today said its arm Lavasa Corporation, would raise up to Rs 2,000 crore through an initial public offering.
The company’s board has approved the plan, making Lavasa the first township project in the country to go for an IPO. Though the company did not divulge how much stake it would dilute and when it would tap the markets, analyst reports said the issue could happen in October-November.
HCC holds 65 per cent in Lavasa through its wholly-owned subsidiary, HCC Real Estate. Eight banks, including Bank of India, Axis Bank, ICICI Bank and financial institutions, have 11 per cent stake in Lavasa, through convertible debentures. Avantha Group, Venkateshwara Hatcheries and some private investors hold the remaining equity.
Lavasa’s revenue rose 94 per cent to Rs 181 crore during the June quarter, while net profit jumped 87 per cent to Rs 49 crore.
According to a report by Elara Securities, Lavasa Corporation has already sold 1,850 apartments and villas, spanning over 3.5 million square feet and is confident of handing over keys to buyers by March 2011.
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