The company has refixed the price band yesterday to between Rs 540 and Rs 630 per equity share of Rs 10 each from the earlier price band of between Rs 610 to Rs 690 per share, considering the prevailing market sentiments and the developments in the financial markets in India and globally. The issue will close on February 6, 2008.
 
The primary business is the development of properties in the residential, commercial, retail and hospitality sectors. In addition, it has also identified healthcare, education and infrastructure as business lines for future growth. Its operations span across various aspects of real estate development, such as land identification and acquisition, project planning, designing, marketing and execution. 
 
The issue proceeds will be used for part payment towards the acquisition of land and land development rights and related approvals for its ongoing and planned projects, the development and construction costs for project Palm Drive in Gurgaon and repayment of loans.
 
The equity shares are proposed to be listed on Bombay Stock Exchange and the National Stock Exchange of India.
 
The global co-ordinators and book running lead managers to the issue are Enam Securities Private Limited and DSP Merrill Lynch Limited. The book running lead managers are Citigroup Global Markets India Private Limited, Goldman Sachs (India) Securities Private Limited, HSBC Securities and Capital Markets (India) Private Limited, J.P. Morgan India Private Limited, Kotak Mahindra Capital Company Limited and ICICI Securities Limited.

Source : MoneyControl