Real estate firm BPTP, which aims to raise Rs 1,500 crore through an initial public offer, will utilise around Rs 1,000 crore from the proceeds to develop its existing and future projects.
The national capital-based firm would use Rs 325 crore to partly retire its debt of Rs 771 crore.
As on December 24, BPTP had filed Draft Red Herring Prospectus (DRHP) with the market regulator SEBI for an initial public offer (IPO).
The objects of the issue are the company would use Rs 459.4 crore to fund the construction and development projects in its 'Park Elite Floors" at Faridabad. It has also engaged with six contractors for construction of more than 3,100 flats.
The realty firm would utilise Rs 514 crore for the payment of development charges to the government authorities for its ongoing and future projects.
Source: PTI BPTP to invest Rs 1,000 cr for developing projects
