Triveni Infrastructure Development Company Ltd, (TIDCL), a real estate developer with primary focus in the National Capital Region (NCR) and Tier l and tier ll cities in the states of Haryana and Uttar Pradesh, has filed its DRHP with SEBI on 16th MAY 2008 to enter the capital market with a public issue of 80 lakh equity shares of Rs 10 each, at a price to be decided at a later stage through the 100% book building process.
The issue will constitute 19.63% of the fully diluted post issue paid up capital of the company. It proposes to list its shares on BSE and NSE. The BRLM to the issue is India Infoline.
The object of the issue is to part fund the acquisition of some of the company's residential and commercial projects; to acquire land development rights, related statutory and approval costs for the proposed projects and to part finance the development and construction costs.
The company intends to use the proceeds from the issue to finance the aforesaid project cost. It will deploy Rs 61.59 crore for part payment towards acquisition of land for the company's projects; Rs 44.68 crore for land development rights, related statutory and approval costs for the proposed projects and Rs 85 crore for development and construction costs of residential and commercial projects.
TIDCL is offering residential apartments, farm houses, housing villas, group housing, integrated township, developed plots and commercial complexes including office space, showroom etc .
The company has a diversified portfolio of real estate developments, including residential and commercial projects. As on April 21, 2008, the company has developed 7 projects delivering approximately 5.28 million square feet of both residential and commercially developed areas. Currently the company has 6 ongoing projects, which would translate in development of approximately 8.55 million square feet of both residential and commercial projects, including four group housing projects, one housing villa project and a club and hotel project. These projects are being developed over an area of approx. 121.61 acres of land located in towns of Faridabad, Agra, Vrindavan (Mathura) and Ghaziabad in Uttar Pradesh.
Further, its 22 forthcoming projects are again a mix of both residential and commercial developments. As on April 21, 2008, the company holds land reserves including development rights of approx. 343.64 acres, of which approx. 121.61 acres represents ongoing projects which are currently under development.
For the year ended March 31, 2008, the company posted an income of Rs 231.89 crore and PAT of Rs 32.26 crore as compared with an income of Rs 106.80 crore and PAT of Rs 1.92 crore for FY06. for the 9 months period ended December 31,2007, the company posted an income of Rs 322.60 crore and a net profit of Rs 60.52 crore.