Neelkanth Realtors filed IPO papers with SEBI, know what’s the firm’s plan – INA NEWS

Neelkanth Realtors IPO: Neelkanth Realtors, an organization owned by Bhimjyani Group, goes to launch its IPO. For this, the corporate has filed Draft Crimson Herring Prospectus (DRHP) with market regulator SEBI. The corporate is planning to boost funds for the event of its venture Neelkanth Plaza. This venture is positioned in Thane, Maharashtra. Below the IPO, Neelkanth Realtors will difficulty 1.35 crore new shares. On the similar time, there shall be no sale via Supply for Sale (OFS). Because of this your complete proceeds from the IPO will go to the corporate.

Enterprise of Neelkanth Realtors

Neelkanth Realtors is a number one actual property developer centered within the japanese suburbs of Mumbai and Thane metropolis within the Mumbai Metropolitan Area (MMR). The corporate has 39 initiatives with a developable space of ​​15.68 lakh sq ft, whereas it has three ongoing initiatives with an estimated RERA carpet space of ​​1.11 lakh sq ft and 4 upcoming initiatives with an estimated RERA carpet space of ​​3.75 lakh sq ft.

The place will Neelkanth Realtors use the funds?

Rs 67.83 crore raised from the contemporary difficulty shall be used for the event of a business venture – Neelkanth Plaza – in Thane. The remaining IPO funds shall be used to repay debt (NCD) and basic company functions. As of November 27, 2024, the entire quantity excellent for non-convertible debentures (NCDs) was Rs 200 crore.

Financials of Neelkanth Realtors

Speaking about financials, Neelkanth Realtors has reported a revenue of Rs 17.5 crore for the yr ending March 2024, which has elevated sharply from Rs 0.07 crore within the earlier monetary yr. Nonetheless, income declined by 5.8 % to Rs 54 crore throughout the identical interval. For the quarter ending June 2024, revenue stood at Rs 2.4 crore on income of Rs 14.3 crore. The only real guide operating lead supervisor for the general public difficulty shall be Swastika Investmart.

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