BPTP plans Rs 1,500 cr IPO in early 2010-11

Real estate developer BPTP today said it plans to raise around Rs 1,500 crore through an initial public offer (IPO) by early 2010-11. “We have applied to the Securities and Exchange Board of India (Sebi) for approval.
 
 
Spread the Word
Listed Under

Tags:
* Real Estate Investmets
* Real Estate Market

Industrys:
* Business
* Real Estate

Location:
* Hyderabad - Andhra Pradesh - India

March 13, 2010 - PRLog -- Real estate developer BPTP today said it plans to raise around Rs 1,500 crore through an initial public offer (IPO) by early 2010-11. “We have applied to the Securities and Exchange Board of India (Sebi) for approval. We hope to launch our IPO of Rs 1,500 crore early next fiscal,” BPTP Managing Director Kabul Chawla said. The company, which has a net worth of Rs 1,600 crore, is hoping to clock a top line of Rs 1,000 crore and profit after tax of Rs 200 crore in FY10. The company plans to pre-pay its Rs 325 crore debt from the issue proceeds, while Rs 500 crore has been earmarked for government use (conversion of land), he said.The realty major has a consolidated debt of Rs 900 crore.In 2011, Rs 150 crore will come up for repayment and the year after Rs 600 crore, Chawla said, adding “though we are not stressed in terms of debt, we plan to pre-pay Rs 325 crore out of the issue proceeds”.JP Morgan and SSKI are the book running lead managers (BRLMs) to the issue.The company, which is primarily into mid-housing development, also has four special economic zone (SEZ) projects but, is currently going slow on them.“Given prevailing market conditions, we have deferred activity on our SEZs so as not to over leverage our balance sheet,” Chawla said. Going forward, BPTP might explore the option of converting these SEZs into residential use, Chawla said.“We have the option of converting our four IT SEZs, at Noida, Greater Noida, Gurgaon and Faridabad, for residential purposes. We might exercise this option if the market conditions so demand,” he said.On its focus on the national capital region (NCR) market Chawla said: “There is tremendous potential here and we intend to continue focussing on this region.”Besides NCR, the company has one project in Hyderabad spread over 10 acres, which it plans to take up at an appropriate time.BPTP has a land bank of 1,860 acres. It has 37 million sq ft of ongoing projects and has sold 31 million sq ft, worth Rs 5,500 crore, so far. Its receivables stand at Rs 2,500 crore.JP Morgan and Citi currently hold 12 per cent stake in the company while, Real estate developer BPTP today said it plans to raise around Rs 1,500 crore through an initial public offer (IPO) by early 2010-11. “We have applied to the Securities and Exchange Board of India (Sebi) for approval.

We hope to launch our IPO of Rs 1,500 crore early next fiscal,” BPTP Managing Director Kabul Chawla said. The company, which has a net worth of Rs 1,600 crore, is hoping to clock a top line of Rs 1,000 crore and profit after tax of Rs 200 crore in FY10. The company plans to pre-pay its Rs 325 crore debt from the issue proceeds, while Rs 500 crore has been earmarked for government use (conversion of land), he said.The realty major has a consolidated debt of Rs 900 crore.In 2011, Rs 150 crore will come up for repayment and the year after Rs 600 crore, Chawla said, adding “though we are not stressed in terms of debt, we plan to pre-pay Rs 325 crore out of the issue proceeds”.JP Morgan and SSKI are the book running lead managers (BRLMs) to the issue.The company, which is primarily into mid-housing development, also has four special economic zone (SEZ) projects but, is currently going slow on them.“Given prevailing market conditions, we have deferred activity on our SEZs so as not to over leverage our balance sheet,” Chawla said. Going forward, BPTP might explore the option of converting these SEZs into residential use, Chawla said.“We have the option of converting our four IT SEZs, at Noida, Greater Noida, Gurgaon and Faridabad, for residential purposes. We might exercise this option if the market conditions so demand,” he said.On its focus on the national capital region (NCR) market Chawla said: . ......http://www.maaproperties.com/Pages/ModuleContent.aspx?Mod...

At Maa Properties, we have in-depth knowledge of property markets, extensive experience, specialized skills and resources necessary to provide an entire range of reliable and responsive property management services. No matter how far away you are currently located, our online services enable you to take charge of things and efficiently handle all property-related transactions back home.

We would like to take the opportunity to welcome all the community members living world wide to our real estate portal.(NRI)For More Information about Real Estate Hyderabad, India visit: http://www.maaproperties.com/

# # #

Maa properties provides property related transactions in Hyderabad like buy, sell, rent, lease, providing tenants, maintenance for nris under three services property deals, property analysis and property care.
End
Email:***@maaproperties.com Email Verified
Phone:04066620005
Zip:500073
Tags:Real Estate Investmets, Real Estate Market
Industry:Business, Real Estate
Location:Hyderabad - Andhra Pradesh - India
Account Email Address Verified     Disclaimer     Report Abuse
maaproperties News
Trending
Most Viewed
Daily News



Like PRLog?
9K2K1K
Click to Share