Capital market regulator SEBI has cleared ₹2,000 crore initial public offerings of leading real estate company Kalpataru and precision engineering solutions company Unimech Aerospace and Manufacturing.
While Kalpataru plans to raise ₹1,590 crore, Bengaluru-based Unimech Aerospace has received nod to mop up ₹500 crore through IPO.
The leading real estate developer in the Mumbai Metropolitan Region, Kalpataru, filed its DRHP in August to issue fresh equity shares through an IPO and use the net proceeds for repayment of borrowings and general corporate purposes.
ICICI Securities, JM Financial and Nomura Financial Advisory and Securities are the Book Running Lead Managers to the issue.
As of March-end, Kalpataru has ongoing projects comprised of about 22.02 msf of developable area and forthcoming projects comprised about 19.93 msf of developable area which will be launched in next two fiscals.
While a majority of the company’s projects are located in the MMR and Pune, Maharashtra, they have two ongoing projects in Hyderabad, Telangana and Uttar Pradesh; one in Nagpur, Maharashtra and has three pieces of land reserves in Surat, Gujarat; Nagpur and Udaipur, Rajasthan.
Established in 1969, Kalpataru Limited is led by their promoters, Mofatraj P Munot and Parag M Munot, who have experience of over five and three decades in the real estate industry. The Group has over 27,000 employees globally and a footprint in 73 countries.
250 cr OFS
Unimech Aerospace specialises in complex manufacturing solutions for the aerospace, defence, energy, and semiconductor industries. The IPO is a combination of fresh issue and an offer-for-sale of ₹250 crore each. Promoters will be selling shares in the offer-for-sale.
Unimech is a leading manufacturer of complex tooling, mechanical assemblies, electro-mechanical turnkey systems and precision components, which are used in the aeroengine and airframe tooling for production, MRO and line maintenance activities.
The company intends to utilise net fresh issue funds for purchase of machineries and equipment, working capital, repaying debt and general corporate purpose.