Particle.news
Download on the App Store
3 ARTICLES
·
last wk.

Sri Lotus Developers Secures SEBI Approval

The Mumbai-based luxury real estate firm, backed by Bollywood stars and investor Ashish Kacholia, plans to fund ongoing projects with IPO proceeds.

Shah Rukh Khan-backed Sri Lotus Developers and Realty Limited, has received approval from the Securities and Exchange Board of India (SEBI) for a ₹792 crore initial public offering. (Picture for representational purposes only)
Bollywood stars & Ashish Kacholia-backed Sri Lotus Developers gets nod for Rs 792 crore IPO

Overview

  • The IPO, consisting entirely of new shares with a face value of ₹1 each, has been approved by SEBI and is valued at ₹792 crore.
  • Prominent investors include Amitabh Bachchan, the Shah Rukh Khan Family Trust, Hrithik Roshan, and Ashish Kacholia, highlighting high-profile backing.
  • ₹550 crore of the proceeds will be allocated to subsidiaries for funding construction and development of ongoing luxury projects in Mumbai’s western suburbs.
  • Sri Lotus Developers has completed three projects, with six ongoing and seven upcoming, focusing on ultra-luxury and luxury residential redevelopment.
  • The company’s financial performance has surged, with FY24 revenue rising 176.6% to ₹461.6 crore and profit after tax increasing by 635.6% to ₹119.8 crore.