Uttam Dave has quit Lavasa Corp Ltd – a unit of Ajit Gulabchand's Hindustan Construction Company – within two months of joining as president and chief executive officer.
A hospitality industry veteran with over two decades experience, Dave has earlier worked with InterGlobe Hotels, Accor Hotels and Pannell kerr Forster Consultants. He was on sabbatical for a little over year before joining Lavasa in October this year.
According to Dave's description on his Linkedin profile, the mandate at Lavasa was to further enhance and sustain Lavasa’s stunning, state-of-the-art vision to become a vibrant ‘benchmark’ green and sustainable smart city, offering a 365-day, 24/7 smart economy.
Incidentally, Lavasa Corp had a week ago received market regulator Sebi's approval for raising Rs 750 crore through an initial public offer (IPO). The company had filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) in July this year for the proposed public offer.
According to a PTI report, Sebi issued its final observations on the draft offer documents on November 7. Prior to that, Sebi had sought clarification on two instances from Lavasa's lead manager, Axis Capital Ltd, regarding the company's proposed IPO.
The company, which is developing a large township (hill city) in 10,000 hectares in 'Lavasa' near Pune, is making a second attempt to raise money though IPO. In November 2010, Lavasa had got the Sebi clearance for an IPO to raise up to Rs 2,000 crore, but bad market conditions forced the company to scrap the plan.
As per initial papers, Lavasa plans to launch an IPO of its equity shares of Rs 10 each aggregating to Rs 750 crore. The proceeds from the current issue would be used to fund the company's growth.
The Hindustan Construction Company (HCC) group, which has 68.72% stake in Lavasa, had said that proposed public issue is subject to receipt of requisite regulatory approvals, market conditions and other considerations.
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