December 23, 2024
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Bollywood-Backed Real Estate Firm Lotus Plans Rs 1,000 Crore IPO
Sri Lotus Developers & Real Estate, the real estate firm backed by Bollywood celebrities, is gearing up for an IPO expected to raise approximately Rs 1,000 crore. The IPO is anticipated to be a star-studded event, with notable Bollywood figures such as Amitabh Bachchan, Shah Rukh Khan, Ajay Devgn, Hrithik Roshan, Sara Ali Khan, Ektaa Kapoor, Tiger Shroff, and Rajkumar Rao having recently acquired small stakes in the company.
Earlier this month, the company, known for its ultra-luxury residential and upscale commercial real estate projects, completed a private placement of over 2.7 crore shares, with 125 investors, including several Bollywood stars. The list of allottees also includes prominent financial figures like Ashish Kacholia and Jagdish Master, according to documents filed with the Registrar of Companies (ROC).
Notably, the company, which previously operated under the name AKP Holdings and branded itself as Lotus Developers, recently rebranded as Sri Lotus Developers & Real Estate.
While company officials have declined to comment on the IPO details, as it is still finalizing the offer document, sources reveal that the Anand Pandit-promoted firm is aiming to raise Rs 1,000 crore through the offering.
On December 4, Sri Lotus Developers executed a private placement at Rs 150 per share, raising approximately Rs 407.6 crore. Among the investors, Amitabh Bachchan purchased around 6.7 lakh shares for Rs 10 crore, while the Shah Rukh Khan Family Trust acquired approximately 6.75 lakh shares for Rs 10.1 crore. Other prominent investors include Hrithik Roshan, who purchased 70,000 shares for just over Rs 1 crore. Many of these celebrities are also owners of residential and commercial spaces in Lotus Developers’ properties.
