Veegaland Developers files for Rs 250-cr IPO

New Delhi: Real estate developer Veegaland Developers, part of the V-Guard group, has filed draft papers with markets regulator Sebi to raise Rs 250 crore through its initial public offering (IPO) to support its expansion plans.

The company’s maiden public offering is a completely fresh issue of shares with no Offer-for-Sale (OFS) component, according to the draft red herring prospectus (DRHP) filed on Tuesday.

The company plans to use the funds to finance a portion of the cost of developing its ongoing and upcoming projects, estimated at up to Rs 111.60 crore.