REAL estate firm BPTP, which aims to raise Rs 1,500 crore through an initial public offer (IPO), will utilise around Rs 1,000 crore from the proceeds to develop its existing and future projects. The Delhi-based firm would use Rs 325 crore to partly retire its debt of Rs 771 crore. BPTP had filed draft red herring prospectus with the market regulator Sebi for the IPO on December 24.

The company plans to use Rs 459.4 crore to fund the construction projects in its project at Faridabad. It has also engaged with six contractors for construction of more than 3,100 flats. It would utilise Rs 514 crore for the payment of development charges to the government authorities for its ongoing and future projects. The company was involved in the country's largest land deal of Rs 5,006 crore in Noida, but had to surrender as it was unable to arrange funds by the stipulated date. At present, BPTP has 17 ongoing projects with a saleable area of 39.39 million sq ft.