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Bangalore-based realty developer Nitesh Estates is looking at raising Rs 405 crore in its initial public offering. 

The company had earlier proposed to mop up Rs 450 crore along with a greenshoe option to raise a further Rs 45 crore.

Nitesh Estates public issue will open on April 22 and close on April 27, sources familiar with the development told VCCircle. It is understood that the firm has tied up three anchor investors for the proposed share sale.

According to an earlier VCCircle report, the promoters’ holding post IPO will be around 65%. For the year ended March’09, the company had total income of Rs 87.8 crore with net profit of Rs 2.5 crore. Nitesh also has investments from Citi Property and HDFC AMC for specific projects and SPVs of the company.

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