HCC announces Rs20bn Lavasa IPO, bonus

Hindustan Construction Company Ltd. (HCC) said that the Board of Directors of Lavasa Corporation Ltd. has approved the proposal to undertake, subject to market conditions, obtaining necessary shareholder and regulatory approvals, an initial public offering (IPO) of its Equity Shares for an amount up to Rs20bn. Lavasa Corp.'s Q1 net sales were at Rs1.81bn and net profit at Rs490mn during the quarter ended June 30. Separately, HCC's Board of Directors also approved the issue of Bonus Shares in the ratio of one equity share of Re. 1 each for every existing one equity share of Re1 each held by the Shareholders.