Kalpataru Ltd Eyes Rs 1,590 Crore Through IPO to Cut Debt Amid Financial Downturn

Kalpataru Ltd, a major real estate firm, reported a consolidated net loss of Rs 100.74 crore for the last fiscal year. The Mumbai-based company filed for an IPO to raise Rs 1,590 crore, primarily to reduce debt. The funds will also assist in repaying certain borrowings.

Mumbai-based real estate firm Kalpataru Ltd has reported a consolidated net loss of Rs 100.74 crore for the last fiscal year, driven by reduced income.

In a strategic move to pare down its debt, the company has filed preliminary documents with capital markets regulator Sebi to launch an initial public offering (IPO) aimed at raising Rs 1,590 crore.

According to the draft red herring prospectus (DRHP), the IPO will include a fresh issue of shares with a face value of Rs 10 each, aggregating up to Rs 1,590 crore. The company plans to allocate Rs 1,192.5 crore for full or partial repayment of certain borrowings.