Nitesh Estates Limited IPO details (Price band:Rs. 54 - Rs. 56),Company Promoters,Company Financials.Issue Detail,Grading / Rating

Nitesh Estates Limited IPO details (Price band:Rs. 54 - Rs. 56),Company Promoters,Company Financials.Issue Detail,Grading / Rating

Incorporated in 2004, Nitesh Estates Limited is in the business of real estate development, primarily residential projects in Bengaluru. They are also developing a hospitality project in Bengaluru and a residential and an office project in Kochi. Nitesh Estates is in the process of diversifying into the development of shopping-malls and are expanding geographic reach to Chennai and Goa. Company's residential projects include multi-unit apartment buildings targeted at high-income and middle-income customers. Nitesh Estates is also developing its first hospitality project, the first ‘Ritz-Carlton’ brand hotel in India, on Residency Road in the central business district of Bengaluru.

Nitesh Estates has developed three residential projects totalling 0.55 million sq. ft. of Saleable Area and Developable Area. Company is developing 5 residential, 1 hospitality and 1 office projects. Company also has 3 residential, 1 shopping-mall and 1 mixed-use real estate projects inline for future development.

Completed Projects of the Nitesh Estates are:

1. Nitesh Long Island, completed in 2009, a built-to-suit premium corporate residential project near Bellary Road, Bengaluru;
2. Nitesh Wimbledon Park, completed in 2007, a premium residential project, located on Race Course Road, Bengaluru; and
3. Nitesh Mayfair, completed in 2007, a premium residential project, located on Lavelle Road, Bengaluru.

Ongoing Projects are Nitesh Hyde Park, located at Bannerghatta Road, Nitesh Forest Hills in Whitefield, Nitesh Flushing Meadows in Whitefield, Nitesh Columbus Square at off Bellary Road, Nitesh Wimbledon Gardens (Residential)at Airport-Seaport road in Kochi, Nitesh Wimbledon Gardens (Commercial), located at Airport-Seaport road in Kochi and the 'Ritz-Carlton' brand hotel with 281 keys, located at Residency Road in the central business district of Bengaluru.

Company Promoters:

The individual promoters of the Company are:

1. Mr. Nitesh Shetty; and
2. Ms. Pushpalatha V. Shetty.

The corporate promoter of the Company is Nitesh Industries Private Limited.

Company Financials:

Particulars	For the year/period ended (Rs. in Million)
	30-Sep-09	31-Mar-09	31-Mar-08	31-Mar-07	31-Mar-06
Total Income	458.47	868.89	688.73	240.15	223.59
Profit After Tax (PAT)	60.80	28.53	9.74	28.73	13.78

Objects of the Issue:

The objects of the Issue are to:

1. Acquire joint development rights of our Company;
2. Fund our existing Subsidiaries and the Associate company, for repayment/prepayment of loans, redemption of debentures, finance Ongoing Projects and finance the acquisition of joint development rights;
3. Repay certain loans of our Company; and
4. Fund the expenditure for general corporate purposes.

Issue Detail:

»» Issue Open: Apr 23, 2010 - Apr 27, 2010
»» Issue Type: 100% Book Built Issue IPO
»» Issue Size: Equity Shares of Rs. 10
»» Issue Size: Rs. 450.00 Crore
»» Face Value: Rs. 10 Per Equity Share
»» Issue Price: Rs. 54 - Rs. 56 Per Equity Share
»» Market Lot: 100 Shares
»» Minimum Order Quantity: 100 Shares
»» Listing At: BSE, NSE

Nitesh Estates Ltd IPO Grading / Rating

CRISIL has assigned an IPO Grade 2 to Nitesh Estates Ltd IPO. This means as per CRISIL company has 'below Average Fundamentals'. CRISIL assigns IPO grading on a scale of 5 to 1, with Grade 5 indicating strong fundamentals and Grade 1 indicating poor fundamentals

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