Kalpataru Ltd Files for Rs 1,590 Crore IPO to Reduce Debt

Mumbai-based real estate firm Kalpataru Ltd has filed a draft prospectus with SEBI to launch an IPO aiming to raise Rs 1,590 crore. The funds will primarily be used to repay debt. The company has a significant portfolio of projects across various regions and a long-standing legacy in real estate development.

Kalpataru Ltd, a prominent real estate firm based in Mumbai, has filed a draft prospectus with the Securities and Exchange Board of India (SEBI) to launch its Initial Public Offering (IPO), aiming to raise up to Rs 1,590 crore.

The draft red herring prospectus (DRHP) indicates that the IPO will involve a fresh issue of shares, valued at Rs 10 each. Of the total funds raised, Rs 1,192.5 crore will be earmarked for the repayment or prepayment of certain borrowings.

Kalpataru Ltd's portfolio includes 40 ongoing, forthcoming, and planned projects, spread across 49.77 million square feet. The company has a significant presence in the Mumbai Metropolitan Region, Pune, and projects in Hyderabad and Noida. Kalpataru Ltd is part of the 55-year-old Kalpataru Group, which has a multinational presence and diverse operations.

(With inputs from agencies.)