(RTTNews) - Lavasa Corporation, a subsidiary of Hindustan Construction Company, plans an initial public offer next year to raise about Rs.2,000 crore , report the media. The company's president Rajgopal Nogja said that the IPO would hit the market next year between June and December. In the past year, the company raised about Rs.650 crore by offloading 6.5% equity to various banks, including Axis Bank, Allahabad Bank and Bank of India. It also raised Rs.75 crore through the issue of Deep Discounted Convertible Debentures to Andhra Bank and United Bank of India.

Lavasa Corporation is developing a township near Pune, and started laying the infrastructure for the second phase of the project. It is planning to develop five towns in the hill-station project. It expects to sell commercial and residential space in the second phase at 15%-20% premium.

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