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A Gujarat-based IT company, named the Gujarat International Finance Tec-City Company (GIFTCL), has stated that it is planning to raise its fund by Rs 8,000 crore through an initial public offer, very soon. The officials from the company have informed that the raised fund would be used for developing a financial & IT hub in the state of Gujarat. The industry sources have informed that GIFTCL is actually a Joint Venture (JV) company between the Gujarat Urban Development Company (GUDCOL) and IL&FS.
One of the top officials of the company has informed that the proposed financial and IT services hub is named as the Gujarat International Finance Tec-City (GIFT) and the company will issue the IPO following its listing on the foreign exchanges. The official said that GIFTCL is also going to raise funds for the project through a collective investment scheme (CIS), that shall hold the assets of the project. He said that the scheme will be known as the GIFT Unit linked development fund. He added that the closed-ended scheme is going to offer units at a par value of Rs 1,750 each.
The official further informed that the company is also planning to make a pre-IPO placement of shares with a total valuation of Rs 1,600-2,000 crore by the end of May and the IL&FS is currently discussing with SEBI for the project. The company is likely to file a prospectus for the project very soon and a total investment of $16 billion will be involved with the project that is planned to be implemented on public-private partnership basis. The city is planned to be located somewhere between the cities of Gandhinagar and Ahmedabad and it is aiming to generate direct employment for 3 lakh people by the year of 2020. The Managing Director of IL&FS, Mr. Hari Sankaran commented in this regard, "India will need a billion square feet of space just for the financial services sector in next 20 years. GIFT is an attempt at solving a part of this need. It has been benchmarked to global standards. The buildings will have an FSI of 300.5 square meters and will be more than 250 meters tall".
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| Posted : 4/10/2008 |
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