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Indian developer Karda Constructions prices IPO

India-based real estate development company Karda Constructions Ltd priced an IPO of up to 4,300,000 equity shares at between 175 Indian rupees and 180 rupees, for proceeds of roughly 774.0 million rupees based on the upper end of the price band.

The company is set to issue the shares from March 16 up to March 21.

The offering will consist of 2,300,000 new shares by the company and up to 2,000,000 equity shares to be sold by Chairman Naresh Karda. Altogether, the shares comprise up to 34.96% of the company's paid-up equity share capital after the issue.

Net proceeds from the issue of new shares will be used for repayment of the company's overdraft facilities and term loans, as well as for general corporate purposes.

Established in 1994, Karda Constructions develops residential and office projects in Nashik, India.

Aryaman Financial Services Ltd. is acting as the book-running lead manager for the IPO.

As of March 7, US$1 was equivalent to 64.91 Indian rupees.