Real estate company Orbit Corporation plans to raise up to Rs 106 crore from its initial public offering (IPO) opening on March 20 to part fund its existing and new projects.
"We expect to raise between Rs 100-110 crore from our IPO and would use the proceeds to part fund our existing and proposed projects in Mumbai," Orbit Corporation Head Finance and Strategies Ramashrya Yadav told reporters here today.
Based on the upper-end of its price band the company would raise around Rs 106.47 crore.
The company is offering 91 lakh equity shares of face value Rs 10 each with a price band of Rs 108-117. The offer would open on March 20 and would close on March 23.
Orbit would also issue one detachable warrant with each equity share and the investor would have the option of converting the warrant into an equity share after 18 months of the issue date, Yadav said.
Read more at Economic Times
Read more at Economic Times
