EkCrore.net :: Nitesh Estates IPO

April 20, 2010
Property firm Nitesh Estates has fixed the price band for its USD 100 million initial public offer at Rs 54-56 per share. The issue will open for subscription on April 23 and close on April 27.

The Bangalore-based developer is aiming to raise Rs 4.5 billion from the offer, and has a greenshoe option to raise another 10%. The proceeds are to be used for funding new as well as under-construction projects and to repay debt, the company said in its draft prospectus. ICICI Securities, Kotak Mahindra Capital Co and Enam Securities are the lead managers for the issue.