Shriram Properties is planning to file a draft prospectus for an initial public offering (IPO) and use the money raised to repay debt liabilities and partially retire its existing investors. The residential real estate development company will file a draft red herring prospectus in the coming weeks for an IPO to raise to Rs 800 crore. Shriram Properties will reportedly use the amount raised to retire a part of its Rs 600 crore debt and help investors, including Walton Street Capital, Starwood Capital Group, Tata Capital, and TPG Capital, make an exit from the company.

The Shriram Group had earlier planned to raise Rs 1,250 crore in 2018-19 after receiving approval from the Securities and Exchange Board of India (SEBI) in 2019. The amount to be raised was reduced to Rs 750 crore last year, according to the media. The public issue of Macrotech Developers will open for subscription on April 7. The issue has reportedly garnered investor interest. Macrotech mainly proposes to reduce debt by up to Rs 1,500 crore and acquire land or land developmental rights aggregating up to Rs 375 crore using the IPO proceeds.