New Delhi: Real estate firm Signature Global (India) has filed its draft red herring prospectus with capital markets regulator Securities and Exchange Board of India for initial public offering (IPO) of up to Rs 1,000 crore. DRHP is filed when a company intends to raise capital from the public by selling its shares. The proposal includes fresh issues up to Rs 750 crore and sale (OFS) of up to Rs 250 crore, showed a DRHP document filed on Tuesday.
The company, through the IPO, proposes to use the net proceeds to pay off some of the borrowings taken by subsidiaries, Signature Global Homes, Signature Infrabuild, Signature Global Developers, and Sternal Buildcon for Payments. As well as inorganic development through land acquisition. ,Also read: New agreement between India and Australia soon, duty free access to traders: Goyal,
The Offer for Sale component comprises equity shares of up to Rs 125 crore by shareholder Sarvpriya Securities and up to Rs 125 crore by shareholder International Finance Corporation. Signature Global is a leading real estate development company in Delhi-NCR, focused on affordable and mid-segment housing. It started its operations in 2014 through its subsidiary Signature Builder. ,ALSO READ: HCL shares fall 2%, at 52-week low,
“We have grown our operations over the years and in less than a decade, and as of March 31, 2022, we have built 23,453 residential and commercial units within the Delhi NCR region, with a total salable area of 14.59 million square feet. The units were sold,” the DRHP document showed. As of March 31, 2022, it has sold 21,478 residential units with an average selling price of Rs 2.81 million per unit.