Sri Lotus Developers Sets Stage for Ambitious IPO Backed by Bollywood Icons

Sri Lotus Developers, supported by Bollywood celebrities and investor Ashish Kacholia, raised Rs 237 crore ahead of its IPO. The fresh issue, without an Offer For Sale component, aims to fund various projects and corporate activities. Brokerage firms, including Bollywood icon Amitabh Bachchan, played significant roles in the financial backing.

Sri Lotus Developers, a real estate firm endorsed by prominent Bollywood personalities and seasoned investor Ashish Kacholia, has successfully secured Rs 237 crore from institutional investors prior to its impending IPO subscription.

The company's anchor investors include Tata Mutual Fund, Mahindra Manulife MF, and Nippon India MF, among others. Additionally, the real estate company allocated 1.58 crore equity shares to 16 funds at Rs 150 per share, culminating in a Rs 237 crore capital infusion.

Set to open for subscription on July 30 and conclude on August 1, the IPO comprises Rs 792 crore in fresh shares, earmarked primarily for subsidiary investments and ongoing project development costs. Top investors include Amitabh Bachchan and Shah Rukh Khan Family Trust, reflecting Bollywood's faith in the company's growth.

(With inputs from agencies.)