Sri Lotus Developers collects Rs 237 cr from anchor investors

New Delhi, Jul 29 (PTI) Sri Lotus Developers, a real estate company backed by Bollywood stars and renowned investor Ashish Kacholia, on Tuesday raised Rs 237 crore from institutional investors ahead of its IPO opening for subscription.

Those who have been allotted shares in the anchor round include Tata Mutual Fund (MF), Mahindra Manulife MF, Nippon India MF, Nuvama Asset Management, HSBC MF, SBI MF, Citigroup Global Markets Mauritius, Nomura Singapore Ltd and Future Generali India Life Insurance Co. Ltd, according to a circular uploaded on BSE's website.

As per the circular, the real estate player has allotted 1.58 equity shares to 16 funds at Rs 150 apiece, aggregating the fund raising to Rs 237 crore.

The initial public offering (IPO) will open for subscription on July 30 and conclude on August 1. The company has set a price band of Rs 140-150 per share.

The IPO is entirely a fresh issue of shares worth Rs 792 crore with no Offer For Sale (OFS) component.

Proceeds from the fresh issue will be used for investment in its subsidiaries, Richfeel Real Estate Pvt Ltd, Dhyan Projects Pvt Ltd and Tryksha Real Estate Pvt Ltd for part-funding the development and construction cost of its ongoing projects, Amalfi, The Arcadian and Varun, respectively; besides, a portion will be used for general corporate purposes.

The Anand Kamalnayan Pandit-promoted company is a real estate developer engaged in the construction of residential and commercial premises in Mumbai, Maharashtra, with a focus on redevelopment projects in the ultra luxury and luxury segments in the western suburbs.

As of June 30, 2025, the company has completed projects, 5 ongoing projects and 11 upcoming projects.

Sri Lotus Developers and Realty's revenue from operations rose by 19 per cent to Rs 549.68 crore in fiscal 2025 from Rs 461.57 crore in the preceding fiscal, and profit after tax surged by 90 per cent to Rs 228 crore from Rs 120 crore during the period.

In December, Sri Lotus Developers raised over Rs 407 crore by allotting 2.66 crore shares on a private placement basis.

Among the investors, Bollywood icon Amitabh Bachchan purchased around 6.7 lakh shares for Rs 10 crore, while the Shah Rukh Khan Family Trust acquired about 6.75 lakh shares for Rs 10.1 crore. Ashish Kacholia picked up 33.33 lakh shares for Rs 50 crore.

Other notable investors include Hrithik Roshan, Rakesh Roshan, Tiger Jackie Shroff, Ektaa Kapoor, Tusshar Kapoor and Jeetendra alias Ravi Amarnath Kapoor.

Monarch Networth Capital and Motilal Oswal Investment Advisors are the book-running lead managers of the public issue. PTI SP SHW