Real estate firm BPTP, which aims to raise Rs 1,500 crore through an initial public offer, will utilise around Rs 1,000 crore from the proceeds to develop its existing and future projects. The national capital-based firm would use Rs 325 crore to partly retire its debt of Rs 771 crore. As on December 24, BPTP had filed Draft Red Herring Prospectus (DRHP) with the market regulator SEBI for an initial public offer (IPO). The objects of the issue are the company would use Rs 459.4 crore to fund the construction and development projects in its 'Park Elite Floors" at Faridabad. It has also engaged with six contractors for construction of more than 3,100 flats.
The realty firm would utilise Rs 514 crore for the payment of development charges to the government authorities for its ongoing and future projects. The company was involved in the country's largest land- deal of Rs 5,006 crore in Noida, but had to surrender as it was unable to arrange funds by the stipulated date. At present, BPTP has 17 ongoing projects with a saleable area of 39.39 million sq ft and 40 forthcoming projects with an area of 57.14 million sq ft. From the ongoing projects, it sold 31.7 million sq ft of land area for Rs 5,380 crore till September last year. It has so far received Rs 2,840 crore and the balance is receivable by the end of 2010-11 fiscal. The firm has a total land-bank of about 2,000 acre in Faridabad, Gurgaon, Noida, Greater Noida and Hyderabad.