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India's Lodha Developers hopes to launch IPO in Dec

Wed Nov 11, 2009 1:34am EST

MUMBAI, Nov 11 (Reuters) - India's Lodha Developers hopes to launch an initial public offering to raise up to 30 billion rupees ($640 million) in December after it gets regulatory approval, a top company official said on Wednesday.

Financials

The Mumbai-based developer plans to rope in anchor investors for the offer of new equity.

"We hope to get approval from the regulator by November-end. We can then launch by mid-December. Otherwise, we will launch by mid-January," Managing Director Abhisheck Lodha told Reuters.

The company plans to use the proceeds for retiring debt, to fund fresh land acquisitions and for working capital, Lodha said.

The real estate firm is part of a line up of at least 16 Indian developers that have filed papers for public offers in the past two months, looking to raise a total of about $6 billion. Reviving property demand and a sharp stock market rally this year has driven the rush to issue shares. ($1=46.6 rupees) (Reporting by Prashant Mehra; Editing by John Mair)

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