scorecardresearchRealty firm Signature Global files IPO papers, plans to raise ₹1,000 crore

Realty firm Signature Global files IPO papers, plans to raise 1,000 crore

Updated: 13 Jul 2022, 03:48 PM IST
TL;DR.
The company, through the IPO, proposes to utilize the net proceeds from the towards payments of certain borrowings, infusion of funds in subsidiaries such as Signature global Homes, Signature Infrabuild, Signature Global Developers, and Sternal Buildcon for payment, borrowings availed by subsidiaries, as well as inorganic growth through land acquisitions.
FILE PHOTO: A general view of the Bombay Stock Exchange (BSE), after Sensex surpassed the 50,000 level for the first time, in Mumbai, India, January 21, 2021. REUTERS/Francis Mascarenhas

FILE PHOTO: A general view of the Bombay Stock Exchange (BSE), after Sensex surpassed the 50,000 level for the first time, in Mumbai, India, January 21, 2021. REUTERS/Francis Mascarenhas

(ANI): Real estate firm Signature Global (India) has filed its Draft Red Herring Prospectus with capital market regulator Securities and Exchange Board of India for an initial public offering (IPO) aggregating up to 1,000 crore.

The DRHP is filed when a company intends to raise capital from the public by selling its shares.

The offer comprises fresh issues up to Rs.750 crore and an offer for sale (OFS) of up to 250 crore, the DRHP document that was filed on Tuesday showed.

The company, through the IPO, proposes to utilize the net proceeds from the towards payments of certain borrowings, infusion of funds in subsidiaries such as Signature global Homes, Signature Infrabuild, Signature Global Developers, and Sternal Buildcon for payment, borrowings availed by subsidiaries, as well as inorganic growth through land acquisitions.

The offer for sale component comprises equity shares by shareholder Sarvpriya Securities aggregating up to 125 crore, and by shareholder International Finance Corporation up to 125 crore.

Signature Global is a major real estate development company in Delhi-NCR, focused on affordable and mid-segment housing. It commenced its operations in 2014 through its subsidiary Signature Builder.

"We have grown our operations over the years and in less than a decade, and as of March 31, 2022, we had sold 23,453 residential and commercial units, all within the Delhi NCR region, with an aggregate Saleable Area of 14.59 million square feet," the DRHP document showed.

As of March 31, 2022, it has sold 21,478 residential units with an average selling price of 2.81 million per unit, it said.

 

First Published: 13 Jul 2022, 03:48 PM IST