Eldeco to hit capital mkts, to raise Rs 300cr

Delhi-based real estate company Eldeco will soon hit the capital markets. It is reliably learnt that the company will file for an initial public offering (IPO) shortly. Eldeco is looking to raise Rs 300 crore via the IPO. Sources indicate that it has hired the services of financial services company Motilal Oswal for the upcoming issue.

The proceeds from the IPO will be used to retire debt and for the company’s ongoing expansion plans, said sources. Eldeco has debt of Rs 230 crore and a landbank capacity of 4,500 acres. It has 3,000 acres of industrial land in Maharashtra and Uttaranchal. It has 1,500 acres of residential land largely in the National Capital Region. Real Estate Fund Xander has invested in Eldeco.
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