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Nitesh Real Estate IPO Likey to revive Sentiment in Real Estate Segment

Posted By On 5:38 PM Under ,

Real estate sector is again being revived and true to that real estate companies are again going to test he water with a forthcoming IPO from Nitest real estate which is constructing Ritz Carlton hotel and several residential and commercial buildings and is planning to raise Rs 550 crore by listing its shares on the stock markets early next year. 30% shareholding is being diluted through the IPO. Morgan Stanley and three Indian banks are likely to bring the offer. Hedge fund Och-Ziff has a 25% stake in the company. Citi Property Investors (CPI) is also invested in the SPV for the Ritz Carlton hotel in Bangalore.

Nitest real estate is likely to submit its draft red herring prospectus to Sebi in coming six weeks and capital restructuring plans are going on in the company.
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