PS Group eyes Coimbatore
Kolkatta: City-based real estate organisation PS Group plans to hit the capital market with a Rs 800-crore capital issue in June.PS Group director Pradip K. Chopra said, “We have plans to tap the capital market, but it may not happen very soon.”However, sources said the realtor has already appointed a merchant banker to arrange for private equity investors who could pump in Rs 150 crore in the company. The merchant banker has also been given the mandate for the Rs 800-crore initial public offering. The company is also in the final stages of negotiating with two to three hedge funds for the private equity capital. The deals are likely to come through in January.PS Group is planning to develop four special economic zones in Calcutta, Chandigarh, Raipur and Jaipur, which will involve an investment of Rs 10,000 to Rs 15,000 crore over the next three years.The company also wants to expand to Chennai, Coimbatore and Pune. “The commercial and residential projects at hand will require an investment of between Rs 1,500 crore and Rs 2,000 crore,” Chopra said.
