Realty firm Neptune Developers have started 2010 by filing a draft red herring prospectus with SEBI. The company plans to raise Rs. 495 crores ($108 million) through its entry into the capital markets.

Neptune developers intend to use the funds raised through the public offering to meet expenses of construction and development of certain ongoing and future projects, and to increase equity shareholding in associate company, Neptune Realtors Private Ltd and funding subsidiary for part repayment of its loans.

Luthra & Luthra, Mumbai, led by Partners Madhurima Mukherjee and Manan Lahoty, were the domestic legal counsels to the Book Running Lead Managers while Clifford Chance acted as the international legal advisors. Nishith Desai Associates, led by Senior Associate Vyapak Desai, acted as legal advisors to the company.

Neptune's Company Secretary and Compliance Officer Siddhi Shah handled all in-house legal and compliance issues.

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