Realty player BPTP is planning to raise Rs.1,500 crore through initial public offer (IPO), and utilize Rs.1,000 crore of it for financing its existing and upcoming projects, report media. The Delhi-based firm would utilize Rs.325 crore for part- repayment of its Rs.771-crore debt. It has filed its Draft Red Herring Prospectus for the IPO with market regulator SEBI. BPTP plans to invest Rs.459.40 crore of the IPO proceeds in the construction and development of its 'Park Elite Floors' project at Faridabad. It engaged six contractors for the construction of more than 3,100 flats. It is planning to pay development charges of Rs.514 crore to the government for its ongoing and future projects.
The company had to surrender its largest land deal, involving Rs.5,006 crore, in Noida, due to lack of funds. Currently, it has 17 ongoing projects with a salable area of 39.39 million sq. ft., and 40 forthcoming projects with an area of 57.14 million sq. ft.
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