EWDL Plans To Raise Rs 450 Crore Via IPO
Real estate firm Entertainment World Developers (EWDL) plans to raise up to Rs 450 crore in an Initial public offering (IPO). The company filed the draft prospectus with the markets regulator on 13th July,2010.
The book running lead managers for the issue are ICICI Securities, Kotak Mahindra Capital and Edelweiss Capital.
The proceeds will be used for construction in the ongoing projects and to buy back some of the convertible debt issued by a unit to funds run by ICICI Venture and Phoenix Mills. Phoenix Mills owns 40.3% of Entertainment World Developers.
EWDL develops malls and residential townships in smaller cities including Indore, Raipur, Jabalpur, Chandigarh and Bhilai. It has completed three projects and has another 11 ongoing projects to develop 18.3 million square feet.
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