Shriram Properties to raise 250 cr

Real estate firm Shriram Properties has filed draft papers with capital markets regulator Sebi to float an initial public offer (IPO). The IPO comprises fresh issue aggregating up to Rs 250 crore besides an offer for sale of up to 42,403,271 shares by existing shareholders including Tata Capital Financial Service and TPG Asia, draft papers filed with Sebi showed.

The company is looking to consider a pre-IPO placement of up to Rs 100 crore. Funds raised through the issue will be utilised for repayment of certain borrowings availed by the company or its subsidiaries and for general corporate purposes. Axis Capital, Edelweiss Financial Services, JM Financial and Nomura Financial Advisory and Securities will manage the company's public issue.