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India's Karda Constructions to open IPO on 2 bourses March 16

Nashik, India-based real estate developer Karda Constructions Ltd. affirmed its IPO plans, noting that it will open March 16, as planned.

The company is offering 4,300,000 shares on the Bombay Stock Exchange and National Stock Exchange of India Ltd., and the offer price of the shares will fall between 175 Indian rupees and 180 rupees. Based on the top end of the range, the developer could receive proceeds of about 774.0 million rupees.

Karda Constructions Chairman and Managing Director Naresh Karda said in a statement the company primarily intends to use the proceeds from the IPO to repay debt.

With at least 17 projects on its portfolio, the builder-developer has 14 ongoing and planned projects and available land reserves of over 400,000 square feet of available land reserves.

As of March 14, US$1 was equivalent to 64.89 Indian rupees.