BPTP Plans IPO
BPTP Ltd. is planning to raise Rs. 1500 cr through IPO and has filed the DRHP with SEBI.
JP morgan and IDFC SSKI have been appointed as the lead managers to the issue.
The company intends to utilize the funds to finance the construction and development cost for the "Park Elite Floors" project , payment for ongoing projects and repayment of debt.
The cost of "Park Elite Floors" is expected to be Around Rs. 478cr, development of ongoing projects Rs729cr and the company's debt as on March 31, 09 stands at 892cr.
BPTP is a delhi based realty company and is focused on regions around the national capital. The company has a land bank of about 2,000 acres, mainly in the National Capital Region (NCR). It was involved in the country's largest land deal of Rs 5,006 crore in Noida, but had to surrender partly as it was unable to arrange funds by the stipulated date.
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