PRWire

New Delhi, INDIA - Triveni Infrastructure Development Company Limited, a real estate developer with primary focus on the National Capital Region (NCR) of India and Tier-II and Tier-III cities in the adjoining states of Haryana and Uttar Pradesh, has filed its Draft Red Herring Prospectus with the SEBI to enter the capital market with its Initial Public Offering of equity shares.

Triveni Infrastructure proposes to offer 80, 00, 000 equity shares of Rs 10 each for cash at a premium to be decided through a 100 per cent book-building process. Of the shares on offer, at least 60 per cent of the issue shall be allocated on a proportionate basis to QIB bidders, out of which five per cent of the QIB portion shall be available for allocation on a proportionate basis to the Mutual Funds only and the remainder of the QIB portion shall be available for allocation on a proportionate basis to all QIB bidders, including Mutual Funds. Further, up to 30 per cent of the issue shall be available for allocation on a proportionate basis to Retail Individual Bidders and up to 10 per cent of the issue shall be available for allocation on a proportionate basis to Non-Institutional Bidders.

As a part of the Company’s strategy, it is moving to newer locations to diversify its project portfolio and offerings with potential upwards. Proceeds from this IPO will part finance land acquisition and approval costs for some of these residential and commercial projects. Further, it will also part finance the development and construction costs over the acquired lands for these projects. These proposed projects include two residential group housing projects over approx. 20.365 acres of land and four commercial projects, with three IT Parks and a Commercial Complex, over approx.29.503 acres of land in Gurgaon, Haryana.

Says Mr. Madhur Mittal, Managing Director and CEO (Executive), of the Company, “As we are moving to newer locations, we are diversifying our offerings by developing Commercial Complexes and IT Parks. Today, we have evolved as one of the key players in the real estate development in the fastest growing regions in and around NCR.”

The Book Running Lead Managers to the Issue are India Infoline Limited and the Registrar to the Issue is Bigshare Services Private Limited.

About Triveni Infrastructure Development Company Ltd.
Triveni Infrastructure Development Company currently has a diversified portfolio of real estate developments including residential and commercial projects. As on April 21, 2008, the Company has developed 7 projects delivering approximately 5.28 million square feet of both residential and commercial developed areas. Today, the Company has 6 ongoing projects, which would translate in development of approximately 8.55 million square feet of both residential and commercial projects including four group housing projects, one housing villa project and one club and hotel project. These projects are being developed over an area of approx. 121.61 acres of land located in towns of Faridabad, Agra, Vrindavan (Mathura) and Ghaziabad in the state of Uttar Pradesh. Further, its 22 forthcoming projects are again in a mix of both residential and commercial developments. As on April 21, 2008, the Company holds land reserves including development rights of approx. 343.64 acres, of which approx. 121.61 acres represents ongoing projects which are currently under development with almost 50% of the requisite costs incurred and approx. 222.03 acres for the planned projects which are under various stages of approval for development. Further, the Company has obtained additional land parcels of approx. 31.91 acres under collaboration agreements for their forthcoming projects. In addition, it has access to further land reserves of area approx. 168.72 acres for their future projects. Thus, Triveni Infrastructure’s land reserves including development rights and access to lands aggregate to approx. 544.27 acres.