Date:22/11/2006 URL: http://www.thehindu.com/2006/11/22/stories/2006112200741810.htm

Business - Briefly

Sobha Developers announces IPO

HYDERABAD: Sobha Developers Ltd. (SDL), a leading real estate development and construction company, has announced its initial public offering of 88.93 lakh equity shares of Rs. 10 each. The price band of the issue, taken up through 100 per cent book building process, has been fixed at Rs. 550 - Rs. 640 per equity share. The issue will open on November 23 and closes on November 29. SDL Chief Finance Officer, P. Kanodia, and Director Sales, J. K. Nazareth, told reporters here on Tuesday that the company planned to utilise the proceeds of the issue for financing land acquisition, construction and development costs of the existing and proposed projects besides repayment of outstanding loans.