(Eds: Recasting para 1, adding more details) New Delhi, Dec 24 (PTI) Real estate firm Shriram Properties has filed draft papers with markets regulator Sebi for an initial public offer, through which it aims to raise up to Rs 1,250 crore, sources said. Also Read - Kiran Bedi Removed As Lieutenant Governor of Puducherry, Telangana Governor Given Additional Charge

The IPO comprises fresh issue aggregating up to Rs 250 crore besides an offer for sale of up to 42,403,271 shares by existing shareholders, including Tata Capital Financial Service and TPG Asia, draft papers filed with Sebi showed. Also Read - From Truck Accident At Kuthiran Climb To Toll Booth Digitisation: Top News From Kerala

The company is looking to consider a pre-IPO placement of up to Rs 100 crore. Also Read - Why Indian And International Travellers Prefer South Indian Cities

Sources said the IPO size is estimated to be around Rs 1,250 crore.

Funds raised through the issue would be utilised for repayment of certain borrowings availed by the company or its subsidiaries and for general corporate purposes.

Axis Capital, Edelweiss Financial Services, JM Financial and Nomura Financial Advisory and Securities will manage the company’s public issue.

The equity shares will be listed on the BSE and NSE.

Shriram Properties, part of the Shriram Group, is a leading residential real estate development company in South India, primarily focused on the mid-market and affordable housing categories.

This is published unedited from the PTI feed.