BPTP gets SEBI nod for Rs 1,500-crore IPO

"We have received the Securities and Exchange Board of India (SEBI) approval for the IPO early this week," a company official told PTI here.The official, however, added that the company would now consult with merchant bankers to decide on the timing and other issues related to the IPO.

BPTP had filed draft prospectus with SEBI last December.Company Managing Director Kabul Chawla had earlier said that the IPO could be launched in early 2010-11 fiscal. Out of the net proceeds, BPTP intends to deploy around Rs 460 crore to part-finance the construction and development of Project Parkland, a township in Faridabad.

It would also use Rs 514 crore to pay development charges to the government authorities for ongoing and forthcoming projects. The remaining would be used for repayment of debts.
JP Morgan and SSKI are the book-running lead managers (BRLMs) to the issue. As of December 2, 2009, BPTP had 17 ongoing projects aggregating approximately 39.39 million sq ft of saleable area and 40 projects aggregating 57.14 million sq ft of saleable area in the offing.

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