Triveni Infra plans IPO to finance its new projects

Mumbai: Triveni Infrastructure Development Company Ltd, a real estate developer with primary focus on the NCR region, intends to tap the capital market to raise about Rs 400 crore with an initial public offering of 80 lakh equity shares of Rs 10 each for cash at a premium to be decided through a 100 per cent book-building process.

The company said the proceeds from the IPO were to part finance land acquisition and approval cost for some of its residential and commercial projects.

These proposed projects include two residential group housing over 20.36 acres and four commercial projects, with three IT parks and a commercial complex on 29.50 acres in Gurgaon.

As of April 21, the company has developed seven projects comprising 5.28 million sq. ft of residential and commercial space. Six ongoing projects totalling 8.55 million sq. ft of residential and commercial spaces are being developed over 121.61 acres at Faridabad, Agra, Vrindavan (Mathura) and Ghaziabad. The company also has 22 projects in the pipeline and a land reserve, including development rights of about 343.64 acres.