Prestige IPO opens on October 12

The company has fixed the price band from Rs 172 to Rs 183 per share, and it aims to mop up around Rs 1,200 crore from the  issue.

Briefing reporters, Chairman & Managing Director Irfan Razack said the company is raising the money to fund the company’s ongoing projects as also those under development. It will also be utilised to invest in existing subsidiaries for development of various realty projects, acquisition of land and repay loans of the company to the tune of Rs 280 crore.

The company’s outstanding loans as on Septembert 15, 2010 in various financial institutions stood at Rs 1,373.35 crore. aAccording to Razack, the company, which has completed 150 real estate projects of around 34.23 million sq ft, currently has 32 ongoing projects with 35 million sq ft under construction across all asset class. These range from 11 residential projects, 14 commercial projects, four hospitality projects, and three retail projects, he added.  The company, which is predominently present in Bangalore, Razack said, is looking to increase its footprint across other cities as well.

Incidentally, the company disclosed in the prospectus that it is involved in as many as 27 civil suits of which two are for a total monetary claim of Rs 79.9 lakh. Likewise, the company’s various directors are also involved in legal proceedings all totalling 14, which may impact the company should it go against it.  The company, for the fiscal year ended March 31, 2010 reported total income of Rs 1,086 crore and net profit of Rs 143.78 crore.

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