Lavasa Corporation, a subsidiary of Mumbai-based Hindustan Construction Company, plans to raise around Rs 2,000 crore through an initial public offering during the second half of next year.
‘Lavasa lake city,’ the country’s first ever manually developing hill station, is being built up in the vicinity of Varasgoan dam area by Hindustan Construction Company near Pune.
This area has become the attraction point for the visitors coming from all over the country.
“Lavasa is not a township or a huge real-estate project such as the Sahara group’s Amby Valley. It is a sort of a town that aims at providing housing for people from all strata of society. This place, as per the estimate will create jobs for those living in this area,” said Lavasa Corporation President Rajgopal Nogja.
In the last one year, the company has raised Rs 650 crore by offloading 6.5 per cent equity to various banks like Axis Bank, Allahabad Bank and Bank of India, valuing the firm at Rs 10,000 crore.
In the quarter ended September, Andhra Bank and United Bank of India invested Rs 75 crore in Lavasa Corporation through Deep Discounted Convertible Debentures.
The company, which is developing a township in Lavasa near Pune, has now commenced laying infrastructure for the second phase of the project.
Lavasa aims at developing five 'towns' in the hill-station project and expects to sell commercial and residential space in the second town at a 15-20 per cent premium
Lavasa is being framed in four sections, of them the first section will be ready by 2010 with almost thousands houses and five hundred apartments in it. The second section will start from next year and will be ready by 2014. And the other remaining areas are being discussed.
“We are managing the Rs 40,000 crore investments through equity, debts and internal accruals as of now. We will come out with an IPO at an appropriate time,” Nogja added.
Looking at Pune as a potential city for IT related activities, the builders have started getting some more IT hubs in Lavasa.
Tags:
Miscellaneous