Trilegal and Bharucha & Partners advised on Pranav Constructions’ INR 351 crore (₹3510 million) IPO.
Pranav Constructions Limited (PCPL), a leading real estate company focused on redevelopment projects in the Western suburbs of the Mumbai Metropolitan Region, raised INR 3,510 million through an initial public offering comprising a fresh issue of equity shares and an offer for sale by an existing investor selling shareholder.
The net proceeds from the fresh issue are proposed to be utilised for debt repayment, funding redevelopment expenses and the acquisition of future redevelopment projects, as well as general corporate purposes. The IPO was oversubscribed by 126 times and PCPL listed on the Indian bourses at a premium of approximately 33%.
The syndicate of book running lead managers comprised Centrum Broking Limited and PNB Investment Services Limited.
Trilegal advised Pranav Constructions Limited (PCPL) on its successful listing of equity shares pursuant to an initial public offering aggregating to INR 3,510 million.
The Capital Markets team advising on the mandate was led by Partners Richa Choudhary and Maitreya Rajurkar and comprised Counsel Avanti Kale, Senior Associates Pooja Tada, and Associates Siddhant Mishra, Yug Gambhir, Arnab Goswami and Tanushka Trivedi.
Bharucha & Partners advised Centrum Broking Limited and PNB Investment Services Limited on the initial public offering.
The team was led by Partner and Practice Lead – Equity Capital Markets Vishnu Dutt and comprised Partner Mehul Jain and Senior Associate Chandan Mohanty.
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