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SEBI grants permission to Signature Global for proposed 1,000cr IPO

#Taxation & Finance News
Last Updated : 1st Dec, 2022
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Synopsis

In July this year, Delhi based Signature Global filled a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to launch its maiden public issue. As per latest updates of the SEBI website, the realty firm has received an observation letter from the entity implying a green light for the proposed IPO. According to documents filled, the IPO will comprise of a fresh issue of equity shares amounting to Rs 750 crores and an Offer for Sale (OFS) of up to Rs 250 crores. International Finance Corporation and Sarvpriya Securities will sell equity shares worth Rs 125 crores each.

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In July this year, Delhi based Signature Global filled a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to launch its maiden public issue. As per latest updates of the SEBI website, the realty firm has received an observation letter from the entity implying a green light for the proposed IPO. According to documents filled, the IPO will comprise of a fresh issue of equity shares amounting to Rs 750 crores and an Offer for Sale (OFS) of up to Rs 250 crores. International Finance Corporation and Sarvpriya Securities will sell equity shares worth Rs 125 crores each.




Signature Global launched in 2014 with a 6acre project ‘Solera’ in Gurugram, Haryana. Since then, the company has developed and sold over 23,000 residential and commercial units within the Delhi-NCR region spanning across 14 million square feet. The company has booked a CAGR of 143 per cent in the financial year 2021-22 indicating robust growth. Most of their residential projects have been created in line with central and state government policies supporting affordable housing. Signature Global’s subsidiaries include Signature Infrabuild, Signature Global Developers and Sternal Buildcon.  The intends to utilise the proceeds from the fresh issue towards repayment of debt, acquisition of land and other general purposes. Some amount has been allocated to repay the debt of their subsidiaries as well.
Next (RBI reports 3.1% rise in India�s housing prices with Kolkata in the lead)

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