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Veegaland Developers, part of the V-Guard group, has filed for an IPO to raise INR 250 crore, entirely through fresh shares, to fund its growth plans. The funds will support ongoing and upcoming residential projects, land acquisitions, and general corporate purposes. The company operates in Kerala's residential market across multiple premium segments and has completed 11.05 lakh square feet of projects while nine more totaling 12.67 lakh square feet are underway. Land reserves of 7.20 acres in Kochi and Trivandrum are earmarked for future development.
Veegaland Developers, part of the V-Guard group, has filed draft papers with the Securities and Exchange Board of India (SEBI) to raise INR 250 crore through its initial public offering (IPO) to support its expansion initiatives. The IPO is entirely a fresh issue of shares, with no Offer-for-Sale component, as per the draft red herring prospectus filed earlier this week.
The company intends to use a portion of the funds, estimated at around INR 111.60 crore, for the development of its ongoing and upcoming residential projects. About INR 18.49 crore will be allocated for acquiring identified land parcels for residential developments. The remaining proceeds are planned for future land acquisitions and general corporate purposes.
Veegaland Developers specializes in planning, developing, and selling multi-storied residential apartments in Kerala, targeting mid-premium, premium, ultra-premium, luxe-series, and ultra-luxury segments. As of late October, the company had completed ten residential projects totaling 11.05 lakh square feet of saleable area and currently has nine projects under development aggregating 12.67 lakh square feet.
In addition, Veegaland maintains land reserves of 7.20 acres across Kochi and Trivandrum, which are intended for future residential projects, subject to statutory approvals, feasibility assessments, and market conditions. Cumulative Capital has been appointed as the sole book-running lead manager for the IPO.
Source PTI
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