Hindustan Construction Company (HCC) has put the proposed IPO for its ambitious Lavasa project on the backburner for the third time, citing bad market conditions in the realty sector.
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The Ajit Gulabchand-led company had originally planned to hit the market with a Rs 2,000-crore IPO in September 2010, but could not proceed with the issue due to unfavourable market conditions. Then it scaled down the share sale size to Rs.750 crore in 2014, but again failed to complete the process and had said it would tap the primary market by last September.
The HCC Group currently holds 67.98% stake in Lavasa Corporation, and the remaining is held by Avantha Group (17%), Venkateshwara Hatcheries (8.80%) and Maniar and Family (6.22%).