New Delhi: Mumbai-based Puranik Builders and construction company Montecarlo have received the SEBI’s nod for their proposed initial public offering (IPO).
As per the documents filed by Puranik Builders, there will be fresh issue of shares to the tune of Rs 810 crore. There will also be an offer for sale of up to 18,59,620 equity shares of the promoters and existing shareholders.
According to papers filed by Montecarlo, there will be a fresh issue of shares to the tune of Rs 450 crore. There will also be an offer for sale of up to 30 lakh equity shares by Kanubhai M Patel Trust, an existing shareholder. Montecarlo filed its papers again in September 2019 for the IPO. In May 2018 also, Montecarlo had filed its draft red herring prospectus with SEBI for its IPO and had received the go-ahead for the stock market regulator but the company did not launch the IPO then.
Puranik Builders was founded about 28 years ago and has around 29 projects, mostly in sub-urban Mumbai and Pune region. The company had a net profit of Rs 50.72 crore and Rs 71.27 crore in the 2017-2018 and 2018-2019 fiscals respectively. The total income of the company stood at Rs 512.0 crore and Rs 721.2 crore in the 2017-2018 and 2018-2019 fiscals respectively.