Purvankara Projects

Purvankara Projects Ltd has filed its Draft Red Herring Prospectus with SEBI to come out with a public issue of 214.68 lakh equity shares of Rs.5 each. The company has sought listing on NSE and BSE and DSP Merill Lynch, Citigroup and Kotak are the Book Running Lead Managers.

The company was in possession of 31.07 million sq. ft of land as on 15-12-06 which will get developed into 73.35 million sq. ft with saleable area of 69.06 million sq. ft of residential and commercial space. The land banks of the company are located at Kochi, Chennai, Coimbatore, Hyderabad, Mysore and UAE.

The company has completed 12 residential projects and one commercial project aggregating  3.18 million sq. ft. The company is presently developing 12 residential and one commercial project on 4.62 million sq. ft of land which will  result in a saleable area of 10.02 million sq. ft. The company has signed an MOU for purchase of 76.23 million sq. ft of land at Bangalore and Chennai. It has a dominant presence in Bangalore with about 82.65% of its projects under development, 14.05% at Kochi and 3.30% in Chennai.

The present equity of the company is consisting of 19.20 crore equity shares of Rs.5 at Rs.96 crore. Post issue, equity shares of company shall rise by Rs.10.74 crore to Rs.106.74 of which the promoters will hold 89.93%. The EPS of the company for FY 06 was Rs.3.83 against Rs.1.98 for FY 05. The board of directors of the company is comprises of Mr. Noshir Talati, J. Rao and Pradeep Guha.