The Initial Public offering or the GIFT IPO will attempt to raise $500 million, ahead of its planed IPO of $2 billion later this year, a top official said on Monday.
GIFT is a joint venture between the state government of Gujarat and IL&FS (Infrastructure Leasing & Financial Services). The primary purpose of setting up this company as a join venture is to built up a hi-fi international financial city with globally accepted international standards. This finance city is expected to be spread on a 500-acre area and lies midway between Ahmedabad and Gandhinagar.
Infrastructure Leasing & Financial Services (IL&FS) Chairman Ravi Parthasarthy told reporters today GIFT is planning to raise USD 500 million by way of pre-IPO placement.
The company is in talks with half a dozen domestic and international financial institutions to raise the funds, and later it will come out with an initial public offer (IPO) of USD 2 billion.
Apart from the finance city, GIFT also has another project in hand. It has plans to setup a multi-services SEZ with a thrust on financial services and comprising an International Finance Service Centre .
The total cost of this mega project is estimated at over Rs 25,000 crore. The construction work on the project has already started and the first phase of the project is expected to be operational by 2010.
| It would be nice to see the GIFT IPO performance, as Gujarat government has performed efficiently since last 10 years and has made Gujarat one of the most prosperous states in India for investments destination. | Table of Contents |
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