Trilegal Advises Pranav Constructions On INR 351 crore IPO

Trilegal advised Pranav Constructions Limited (“PCPL”) on its successful listing of equity shares pursuant to an initial public offering aggregating to INR 3,510 million.

PCPL is a leading real estate company focusing on redevelopment projects in the Western suburbs of Mumbai Metropolitan Region. The IPO was oversubscribed by 126 times. It listed on the Indian bourses with ~ 33% premium.

The IPO comprised a fresh issue of equity shares and an offer for sale by existing investor selling shareholder. The net proceeds from the fresh issue will be utilised for debt repayment, funding redevelopment expenses and fusing acquisition of future redevelopment projects and general corporate purposes.

The syndicate of book running lead managers comprised Centrum Broking Limited and PNB Investment Services Limited.

The Trilegal Capital Markets Team advising on this matter was led by Partners: Richa Choudhary and Maitreya Rajurkar, and supported by Counsel: Avanti Kale; Senior Associates: Pooja Tada; Associate: Siddhant Mishra, Yug Gambhir, Arnab Goswami and Tanushka Trivedi.