Bollywood-backed realtor Lotus looks at Rs 1,000 crore IPO
MUMBAI: The IPO for Sri Lotus Developers & Real Estate is sure to be a star-studded affair. From super starts like Amitabh Bachchan and Shah Rukh Khan, to other big names like Ajay Devgn, Hrithik Roshan, Sara Ali Khan, Ektaa Kapoor, Tiger Shroff and Rajkumar Rao, all have recently bought small stakes in the company.
Earlier this month, the company that has made its name in the ultra-luxury residential and upscale commercial real estate segments in the city, made private placements of a little over 2.7 crore shares to 125 people including several Bollywood stars. The list of allottees also include some know names from the financial sector like Ashish Kacholia and Jagdish Master, ROC documents showed.
Only recently, AKP Holdings – that was a private limited company and operates under the brand name Lotus Developers – changed its name to Sri Lotus Developers & Real Estate.
Although company officials declined to comment on the IPO since it is in the process of finalising the offer document, sources said that the Anand Pandit-promoted company is looking to raise about Rs 1,000 crore.
On Dec 4, Sri Lotus Developers made the private placement at Rs 150 per share and mobilised about Rs 407.6 crore. Among the allottees, Bollywood superstars Amitabh Bachhan bought about 6.7 lakh shares at Rs 10 crore while Shah Rukh Khan Family Trust bought about 6.75 lakh shares for 10.1 crore. among other big names Hrithik Roshan bought 70,000 shares for a little over Rs 1 crore. Several of these Bollywood stars own residential and commercial spaces in Lotus Developers’ properties, sources said.
