Upcoming IPO: Ashish Kacholia-backed Sri Lotus Developers and Realty files DRHP with SEBI to raise ₹792 crore via IPO
Live MintMumbai-based real estate developer Sri Lotus Developers Limited has filed its draft red herring prospectus with the markets regulator, the Securities and Exchange Board of India, on Thursday, December 26. Sri Lotus Developers IPO Details The Sri Lotus Developers Limited is offering an entirely fresh issue of equity shares with a face value of ₹1 per share, amounting to ₹792 crore. According to the draft papers, the company aims to use the net proceeds from the public issue to fund its subsidiaries, Richfeel Real Estate Private Limited, Dhyan Projects Private Limited and Tryksha Real Estate Private Limited. About Sri Lotus Developers Sri Lotus Developers Limited was founded in 2015, and the firm has a portfolio of more than 7 million gross sqft of ongoing and completed projects according to the company website.