Top 20 entrepreneurs of construction industry
India’s construction industry has shown enormous amount of resilience as well as great capabilities over the period of last two decades. Starting from the era of government monopoly over infrastructure development to private participation, the industry has withstood the challenges of building a new India. Now, the country is proud to have some of the best and young minds in the form of entrepreneurs who are proving to be the game changers for the industry. Most of these entrepreneurs are educated at some of the finest international universities besides being exposed to an enriching overseas experience. They are instilling the global expertise into their family-run businesses; at the same time, they care for their traditional values and thus bring together the best of the both worlds.
Construction Week India is proud to feature some of these 20 inspiring construction leaders representing both the infrastructure as well as the real estate sectors. Not all are first generation entrepreneurs but they are all initiators of new ideas and innovative business practices. They are the nation builders of tomorrow as their today’s decisions will decide the future of India’s construction industry.
The Construction Week Research Team has selected these individuals based on their business dynamism, foresight, ability to bring change and taking their companies from one level to another. They are aggressive but pragmatic at the same time. Some of them may be leading companies that are small in size but they are ready to think big and take bold decisions. Our feature does not look to judge or grade any individuals as they all are number one in their own world of work. This is an effort to honour the spirit of India’s construction heroes. Also, we do not claim that this is the ultimate list but yes, it is as good as it can get. They are listed in alphabetical order.
All names are in alphabetical order.
Abhisheck Lodha, 31
Managing Director, Lodha Group
After finishing his MS in Industrial and Systems Engineering from the Georgia Institute of Technology, Atlanta – USA, Abhisheck Lodha worked on advising Fortune 500 companies to Business Strategy as a consultant with McKinsey & Company. Later, he joined his family-run company to take it to the next level. Already seven years at the helm of the company, Lodha focuses on Operational (Design, Planning & Construction) functions and also helps guide the Legal, Strategy and Brand Communication teams. Lodha has a focus on creating a process-oriented organization to enable top professionals to be at the helm of decision making within the group.
His company is doing some of the landmark projects including one of the tallest residential towers in the world, World One which will be spread over 17 acre of site, located in Upper Worli, Mumbai. The mixed-use development will include 3 residential towers, a high-end shopping avenue and a world-class office building. The luxury house was priced at Rs7.50 crore onwards at the launch. Lodha has managed to bring HDFC on board who has made a PE investment of Rs500 crore in World One. HDFC Sponsored Funds will acquire 10% equity stake in World One, a project with the total expected investment of Rs2,000 crore.
Ashish Puravankara, 33
Joint Managing Director, Puravankara Projects Ltd.
Ashish Puravankara holds a Bachelor’s degree in Business Administration from Virginia State University and Master’s Degree in Business Administration from Willamette University in Salem, Oregon. He joined the board of directors in 2000 and has been responsible for identifying new opportunities for the company in Bangalore, where the company has recently launched several projects.
The first thing he decided to do is implementing some of the best construction practices by acquiring new materials and focusing on advanced technologies. By initiating the use of latest technology in construction projects, Puravankara has ensured speedy completion of projects, with reduced dependence on manual labour.
He has been responsible for the sourcing and closure of key land transactions across the markets of Bangalore, Chennai, Coimbatore, Cochin and Hyderabad. Some of his key achievements have been to draw funding at very competitive rates which has helped project and entity profitability; executing development of 24.61 million square feet of which 3.4 million square feet has been already been completed and delivered.
His company has a total development potential of 143.25 million square feet across Bangalore, Chennai, Kochi, Coimbatore and Colombo and it will be monetizing the same in the next 7-9 years. Puravankara also plans to launch 18 million square feet in the next 15 months.
He wants to make Puravankara a global company both under Real Estate development and in infrastructure business in the next 5 years.
Gaurav Mittal, 32
Managing Director, CHD Developers Ltd
An OPMer at Harvard Business School, USA, Gaurav Mittal has brought about a new level of professionalism into his business. The biggest challenge for Mittal was to transcend the company from the affordable segment on to the next level. He changed the business strategy of single project to multiple projects. He has managed to transform the family run business into a professionally-run company. He believes in hiring the correct mix of professionals and encouraging open minded and free flowing discussions.
Mittal is a strong believer of innovation and feels that innovation is the only way to survive and compete in the highly competitive market of real estate. It’s under his leadership, the Net Worth of CHD Developers Ltd has increased by 700% in the last four years.
Mittal now plans to foray into mid segment and lower premium housing. CHD Developers has already launched an upper middle segment project by the name Avenue 71 at Sohna Road, Gurgaon. He is also very positive about real estate in Mumbai and may diverge into the market in the future.
In the next five years, CHD Developers looks to diversify into 2000 + acres of self sustainable integrated townships.
Harshavardhan Neotia, 49
Chairman, Ambuja Realty
Real Estate was not his business; rather it was a hobby for him. “After the dissolution of our cement business, I had to overnight turn my hobby and passion into my business,” said Harshavardhan Neotia who started his company in 2005. But within just over five years of its existence, Ambuja Realty has managed to add considerably to the skyline of Kolkata through iconic and pioneering creations, and become one of the most respected real estate companies in the East.
Neotia could be credited for changing the people’s perception towards Kolkata which until recently wasn’t considered a favourite destination for developers and investors. “Bengal was looked upon by several quarters with a fair bit of apprehension. So, one had to work harder to cajole quarters like architects, consultants and even employees to stick on,” Neotia said.
He has executed some of the landmark projects in West Bengal which include Udayan, The Condoville, Ecospace Business Park, Swabhumi – The Heritage Plaza, City Centre Salt Lake & City Centre New Town, Swissotel Kolkata, Neotia Vista and Ganga Kutir. Mainly active in the field of real estate and hospitality, Neotia is now getting into healthcare and education. “We have one hospital under construction in Siliguri and we are hoping to start one in Kolkata in the next few months,” he added.
After finishing his college in Kolkata, Neotia did Owner President Management Program (OPM) from the Harvard Business School, USA. Neotia was conferred with Padmashri award in 1999 for his outstanding initiative in social housing.
The next big thing Neotia wants to do is to see his company getting listed as a real estate company.
Kamal Khetan, 42
Chairman and Managing Director, Sunteck Realty Ltd
Kamal Khetan is a first generation entrepreneur who has single-handedly built one of the biggest real estate companies in the country in less than a decade. He led the company into its first joint development for a 0.15 million square feet commercial development, Sunteck Centre, in Vile Parle, Mumbai.
In 2006, Khetan took a contrarian call and won a government tender for what he envisioned as a premium luxury residential development in the heart of Bandra Kurla Complex (BKC), a fast emerging commercial business district.
His company has over 30 million square feet of city centric developments across 27 projects. Of these developments, more than 80% are premium luxury residential with balance being commercial spaces.
In 2007, Ajay Piramal Group formed a strategic 50:50 joint – Piramal Sunteck Realty Private Limited with Sunteck Realty Ltd.
Khetan has led the company to aggressively acquire over 25 million square feet of development assets from end 2008.
Sunteck Realty is ranked 7th on the Bombay Stock Exchange Realty Index and is also listed on the National Stock Exchange with a market cap of approx. US$1 billion.
Pardeep Jain, 46
Chairman, Parsvnath Developers Ltd
A self made man, Pradeep Jain had started as a marketing associate with various real estate developers and went on to make place in the list of World’s Billionaires by Forbes in 2007. He visualized the opportunities in the real estate sector and set up Parsvnath Developer in 1990. Started with a single project in the city of Moradabad (Uttar Pradesh), Parsvnath has moved from a real estate developer company to a one of the leading infrastructure developers in India today. It has completed 43 projects with an area of 13.52 mn sq ft and is currently working on 54 projects with a total area of 80 mn sq ft. It has land reserves of 193 mn sq ft.
It was under his leadership Parsvnath Developers Ltd. became the first real estate company to come with an IPO, in November 2006, which was oversubscribed by 56 times.
The biggest challenge faced by Jain was during the downturn period, when the demand collapsed and the company started feeling the heat of liquidity crunch.
Jain anticipated the economic turmoil-in-waiting and started emphasizing on fast execution of some select projects. He changed his strategy to focus more on the affordable housing segment. Some of his well timed efforts like monetisation of some of its noncore assets and getting foreign funding for some select projects saw his company sailing through the tough times.
With its current debt of Rs1,141 crore ( as on December 31, 2010), Jain aims to make Parsvnath a debt free company. The company plans to invest Rs7,000 crore over the next five years and emerge as a major player in the affordable hospitality business.
Sanjay Chandra, 37
Managing Director, Unitech Group
Sanjay Chandra has completed his Business Management at Boston University, USA. He founded Ikon Clothing Inc. in New York, USA in the year 1996 where he served as President until 2001. Later, he joined Unitech Limited as Head of Sales & Marketing in 2002 and has been responsible for the launch of various projects of the company. He is also responsible for diversifying the company into the telecom business.
Chandra was instrumental in expanding company’s presence beyond Gurgaon and successfully executing major projects in other parts of the country. The company also decided to demerge its business into real estate and infrastructure. The creation of Unitech Infra enabled them to focus on their infrastructure business. The infrastructure business consists currently of several valuable assets including the SEZ portfolio, various hotel properties and real estate designated for specific purposes such as amusement parks, logistics parks, industrial parks etc. The company will also look at pursuing BOT opportunities in the highway, power transmission and generation sectors as well as other PPP opportunities.
The biggest challenge Chandra faced was during the economic turmoil caused by the global sub-prime crisis which squeezed liquidity out of the international financial system. But his company had managed to come out of the impact of the global financial crisis very fast by calibrating its business-strategy. The focus was on rapidly increasing cash-flows and deleveraging. It focused on the three things—creating land bank, enhancing project execution capabilities and de-leveraging through raising equity.
Sarang Wadhawan, 33
Managing Director, Housing Development & Infrastructure Ltd (HDIL)
Sarang Wadhawan epitomizes the spirit and savvy of the modern day entrepreneur. An MBA from Clarke’s University, Massachusetts, Wadhawan has been able to combined his B-school knowledge with in-depth understanding of the real estate sector to make HDIL one of the foremost development companies in India.
He has been in the forefront in building the group’s vision to build splendiferous developments for its customers and to make the company a professional real estate developer with international management standards. His ability to build successful management teams coupled with gaining the confidence of people at all levels has helped him to build a business conglomerate to reckon with. He has successfully led the HDIL IPO process in 2007 and two QIP’s in 2009 and 2010 respectively.
His role in the company has been imperative in providing impetus to the growth and diversification plans of the company into multiple sectors including commercial, housing, slum rehabilitation, retail spaces, industrial parks, SEZs, and leisure spaces.
It’s under his leadership, the company has diversified into HDIL Entertainment (Broadway multiplex) & HDIL Leisures (Hospitality) and is now associated with landmark events like the HDIL India Couture Week (Fashion) and HDIL India Oaks (Derby).
Sunil Mantri, 50
Chairman, Sunil Mantri Group
Sunil Mantri’s family ran a garment retail shop in Marathwada region from where it spread business to Pune. In 1986, they bought a small piece of land in Pune as an investment and later decided to develop the land. But that’s a history now. Sunil Mantri Group today has over 150 completed projects spread over 15 million sq. feet of built-up area. But he is not stopping here. Nor is he limiting his reach to the residential segment—where he intends to be amongst the country’s top ten players in just 8 years. Under his leadership, the group is focusing in constructing different types of residential projects including luxurious and affordable houses as well as IT parks, malls, serviced apartments, hotels, etc. He has already started to spread his group’s wings internationally with the prestigious Cyberport project at Johor, Malaysia. Mantri believes in focusing on three major aspects– Quality, Technology and Innovation.
His company will foray into the hospitality sector by setting up 10 Four and Five Star category Hotels, Service Apartments, and Resorts throughout India beginning with Goa, Solapur, Pune, and Hyderabad.
Besides Sunil Mantri Group, Mantri is also the Chairman of a finance company M/s. Alliance Finstock Ltd.; President of Maharashtra Chamber of Housing Industry; Member of the New Housing Policy – Government of Maharashtra; Member of the Housing Committee – Federation on Indian Chamber of Commerce & Industry; and a Committee Member of the Association of NSE Members of India.
Vikas Oberoi, 41
Chairman and Managing Director, Oberoi Realty Ltd.
Vikas Oberoi has managed to take his company from US$0.2 billion to US$2 billion in the past five years and made Oberoi Realty into a zero debt company. He was the man behind brining in an investment from Morgan Stanley by selling 10.7% stake. Oberoi has brought an IPO diluting 12% stake and got his company listed on both the exchanges. He has successfully completed 34 projects across five verticals. The company manages a portfolio spanning across residential, office space, retail, hospitality and social infrastructure projects.
An alumnus of Harvard Business School, Vikas Oberoi has over two decades of experience in the real estate industry. His international experience and exposure has helped the Group in differentiating itself and its offerings in the highly competitive market. He is involved in the formulation of corporate strategy and planning, overall execution and management and concentrates on the growth and diversification plans of the company.
Oberoi now plans to come up with a mixed-used development in Worli, Mumbai. With a total project area exceeding 2.1 million square feet, the high rise project will include a residential tower and a mixed use tower comprising commercial office space and a five star deluxe hotel.
Abhijit Avarsekar, 36
VCMD & CEO, Unity Infraprojects Ltd
Unity Infraprojects has grown by more than 20 times since Abhijit Avarsekar joined the business.
He anticipated the impending infrastructure boom in the country and spearheaded the company’s initiative to diversify into infrastructure construction from its traditional core competence of building construction. Today, Unity has developed significant competencies in the transportation engineering, irrigation and water segments of infrastructure and has executed numerous projects in as many as 14 states all over the country.
He initiated technology usage quite extensively within the organization by not only computerising the whole system of functioning but also introducing latest machines such as slip-form paver for roads or the technologically-advanced machines used for micro-tunnelling.
He was the man behind expanding the company’s EPC business into newer geographies outside of Mumbai and gradually gave the business a pan India presence.
Forbes Asia picked Unity as one of the top 200 companies in the Asia Pacific Region and bestowed it with “BEST UNDER A BILLION” award in December 2008.
The company plans to consolidate and strengthen its positions in the existing verticals of Buildings, Transport and Water, and establish foothold in new formed verticals of growth mainly in the power, railways, factories & hydrocarbon sectors. Unity looks to cross the billion dollar turnover in the next 3 years.
Abhishek Jayaswal, 32
Group Managing Director, Abhijeet Group
Joining the company at the age of 18 in 1996, Abhishek Jayaswal has been managing the day to day operations of the entire group. An MBA from Sheffield University, UK, he provides leadership to the heads of individual business vertical and corporate functions like Finance, IT and Legal. His strength lies in new venture creation, financing and project execution.
Jayaswal is a technology expert and has envisaged and successfully executed the SAP implementation in the entire group. He specializes in designing of innovative methods and strategies right from financing, contracting, project structuring.
Jayaswal was the key force behind one of the country’s biggest power project equipments purchase deal when the group signed a US$2.5-billion deal with Chinese power equipment maker DongFang. The company is in the process of setting up power generation facilities of more than 5000 MW in Maharashtra, Jharkhand, Bihar, West Bengal and Andhra Pradesh and this deal will expedite the expansion plans and phase out the power production capacity.
His major achievements include the securitisation of the two toll road projects, partnering with IDFC in Jas Toll Road Project, takeover of RSL and financing of DRI and Power projects.
Jayaswal is now working towards coming out with an Initial Public Offer for the Group’s power vertical. Abhijeet Group is looking at raising Rs1500 crore through the IPO. Jayaswal aims to take Abhijeet Group among the top 25 business houses of the country in the next 5 years.
Alla Ayodhya Rami Reddy, 47
Chairman, Ramky Group
A Ayodhya Rami Reddy stands apart for his visionary approach, be it environment management, infrastructure development, and real estate and finances.
Starting in 1994-95, he guided the Group from zero to over Rs4,500 crore turnover in just 16 years. His focus has been in the areas of Civil, Environmental & Waste Management infrastructure with specific emphasis on ‘Public Private Partnership’ projects. The Group has a reckonable presence in more than 55 locations in the Country in addition to branch offices in UAE and Singapore.
“We are pioneers in the areas of Water and waste water, Municipal waste management, hazardous waste management, bio-medical waste management, Waste to power and Sewage treatment plants. Being pioneers in this field, everything we did was a challenge, but we considered them as opportunities and made them successful,” said Reddy.
Currently, the Group’s order book is around Rs12,000 crore and it is expecting Rs4,000 crore of orders soon.
Under his leadership, the is aiming to be a leader in the Infrastructure, Water, Waste Water and Waste Management sectors segments in the Middle East, South-East Asia, Africa and South America.
Reddy was chosen for the ‘Engineer of the Year Award 2005’ jointly by the Government of Andhra Pradesh and the Institution of Engineers (India).
Amitabh Mundhra, 43
Promoter & Whole Time Director, Simplex Infrastructures Ltd.
Amitabh Mundhra has been at the helm of Simplex for the past 21 years. He can stake some claim for developing a business model where, according to him, his company has not reported any loss till today and will not do so in the next 100 years. “This has been possible because of the diversity that we have in our portfolio. We do 180 projects for nine verticals and which is spread over 6-7 different countries. Therefore, there is the risk mitigation across sector,” Mundhra said.
He has transformed Simplex into one of the fastest growing EPC players in India, besides strengthening its overseas presence. Simplex has fortified its international presence, especially in Middle-East countries by forging joint ventures with overseas multi-national contractors of repute, mainly due to the initiatives taken by Mundhra.
Mundhra said the biggest challenge for him to change the mindset of people within the organization. “If you would have asked our people in 1999, what would be the biggest achievement they would say Rs1000 crore of turnover and that’s it. We achieved Rs1000 crore in 2003-04. So for them to look beyond that was the biggest challenge. And now they say one billion and that’s why I say look beyond that. One billion is nothing. We will do only one hundredth of what is available in India,” he added.
Atul Punj, 54
Chairman, Punj Lloyd Group
Atul Punj’s focused approach and foresight has seen the company grow phenomenally, most specifically in overseas markets. His global vision for the Group led him to cross boundaries and establish international offices in 17 countries and gain project experience worldwide. Sixty nine percent of its revenues today come from global projects and 31% comes from Indian projects.
“Our strategy is not to completely depend on one economy, rather we believe in tapping new opportunities and seeking footprints in new and promising markets. We are a global company and are ready to undertake projects in any part of the world including Kazakhstan, Africa, Middle east and South East Asia,” Punj said in an interview with Construction Week earlier.
It is Punj’s entrepreneurial skills and foresight that resulted in the acquisition of SembCorp E&C, Singapore, now called Sembawang, and Simon Carves, UK. Through a combination of strategic acquisitions and joint ventures with partners in Germany, UK, Saudi Arabia, and India, he led the Group to enhance its scale and competitive position to acquire a leadership position in the industry with an impressive list of international and national clients.
Punj is a Member of the Construction Federation of India, Construction Industry Development Council and the National Council of Confederation of Indian Industry. He was awarded the Ernst & Young ‘Entrepreneur of the Year 2007’ in the Infrastructure & Construction category.
Executive Director, GPT Infraprojects Ltd
Atul Tantia is responsible for the company’s international business and he been closely monitoring the business operations and development of GPT Infraprojects which is the flagship company of Kolkata based GPT group. After jointing the group in 2003, Tantia has been instrumental in growth of the company. He has catapulted the GPT Infraprojects to make its presence across many countries like Bangladesh, Nambia, Myanmar, Mozambique, South Africa, Srilanka.
Tantia obtained his BS degree in Economics in 2002 from Wharton School, Pennsylvania and pursued his BS in Systems Engineering.
Recently, his company won two significant projects from The Power Grid Corporation of India worth Rs24.984 crore and Rs24.562 crore respectively, along with East India Central Railway project worth Rs16.362 crore, Bangladesh Railway project worth Rs155.5 crore and Rail Vikas Nigam Limited project worth Rs113.542 crore.
GPT Infraprojects is one of the few core companies involved in construction of mega bridges with steel superstructure for Indian Railways. The significant projects under execution by GPT include Rail-cum-Road bridge over River Ganga at Patna, turnkey construction of 38 bridges for Tripura PWD, bridges for Eastern Railway with large pile foundations and steel superstructure, NHAI BOT Project in North Bihar, and turnkey construction of 5 Road-over-Bridges in Kerala.
Lagadapati Madhusudhan Rao, 45
Executive Chairman, Lanco Infratech Ltd
Lagadapati Madhusudhan Rao returned to India in 1991 after a professional stint in the US to join Lanco. He took over as Chairman of Lanco Infratech Ltd in 2002, and transformed Lanco into one of India’s fastest growing business conglomerates. Today, it is one of the largest private power developers in India with over 20000 MW under operation, construction and development. The Group also consolidated its various businesses under a single entity, Lanco Infratech Limited. This went along with a strategic focus on power, construction, EPC and Infrastructure business.
Rao saw the need to continuously build a corporate culture where enterprise identity and ownership control complemented each other. He succeeded in building a unique value system within the organisation.
He is a graduate engineer with two post-graduate degrees in design and industrial engineering.
Rao’s efforts have drawn recognition and regard for Lanco as a mature corporate with an integrated Corporate Social Responsibility programme.
Manoj Gaur, 45
Executive Chairman, Jaiprakash Associates Limited
An alumnus from BITS Pilani, Manoj Gaur completed his BE (Hons.) degree in Civil Engineering and joined the company during the construction of Jaiprakash Associates Ltd.’s first Cement Plant at Rewa (MP). He has been in the helm of the Jaypee Group which is a Rs10,000 crore well diversified infrastructural industrial conglomerate in India, with interests in Engineering and Construction, Cement, Power, Hospitality, Real Estate, Expressways and Highways.
Gaur has been instrumental in expanding its power business. JP Group today owns and operates 700 mega watts (MW) of hydro. The company look to commission another 500 MW of thermal power plant, at Bina in MP in this financial year.
Gaur has been associated with setting up of Group’s hydropower assets since year 2000. It’s under his leadership the company managed to list Jaiprakash Hydro-Power Ltd in the year 2005.
His vision of making the company a leading cement player has put a number of expansion plans in place to expand the cement business to 35.90 MnTPA by FY12 (expected) with Captive Thermal Power plants totalling 672 MW by setting up new capacities and giving the Group a pan India presence in cement sector.
Gaur has been the Chief Executive Officer of Jaypee Infratech Ltd (JIL) since February 1, 2011 which was incorporated in 2007 as a special purpose company to develop, operate and maintain the Yamuna Expressway in the state of Uttar Pradesh, connecting Noida and Agra.
Sunil Agarwal, 35
President & CEO, ARSS Infrastructure Projects Ltd
After graduating in Commerce from Utkal University, he did a Masters in Business Administration with Finance as his core subject. Backed by a rich knowledge about the construction industry over a prolonged period of more than 11 years, Agarwal has been one of the biggest contributors to the ARSS Group in terms of his technical skills, business acumen, and farsighted approach.
It’s under his leadership the company has astonishingly exceeded expectations in terms of revenue and operations as well. He knows how to do optimum use of resource. He was instrumental in launching IPO for ARSS Group.
He has successfully overcome the challenges of executing projects under extreme and unpredictable weather conditions. He has managed to so by implementing a value chain model to ensure optimum utilization of resources and planning the work well in advance. Agarwal is leading several major projects like Baramunda Bus Terminal project which will be the first of its kind in the state of Orissa. ARSS is developing that terminal through PPP mode. The Keonjhar-Tomka railway linking project in the remote and Maoist infested areas of Orissa was executed under the direct supervision of Agarwal
Agarwal now plans to enter into the BOT projects. He sees the company having a turnover of over a billion dollars and operating globally in 5 years.
Virendra Mhaiskar, 38
Chairman & Managing Director, IRB Infrastructure Developers Ltd.
A Civil engineer by profession, Mhaiskar has over 18 years of experience in the construction and infrastructure industry. He joined the family business of road construction set up by his father in 1990 and forayed into PPP Projects in road sector in the year 1995. He felt the need to put in place an investment vehicle to fund the group’s various initiatives in this sector. With this in mind, he promoted IRB Infrastructure Developers Limited in the year 1998.
Recognizing the fact that execution capability was key for the success of these projects, he built a large equipment bank over time consisting of sophisticated plants& equipments required for undertaking multiple projects.
Under Mhaiskar’s leadership, the group has established itself as a leading toll road operator in the country, with a substantial experience of highway building.
With a view to build the financial bandwidth of the company, Mhaiskar brought in a consortium of international investors comprising Deutsche Bank, Merrill Lynch and Goldman Sachs, through their respective affiliates, who invested an aggregate amount of US$60 mn in the holding company in March 2007.
He decided to diversify the company’s areas of operation and firmed up plans to develop a 1,400 acres township along the Mumbai-Pune Expressway. This township will involve the development of approximately 30 million sq. ft. over a period of 8-10 years.
To keep the pace of growth momentum, he decided to come up with IPO in 2008 which was subscribed by more than 4 times, raising approximately Rs9.45 billion for the company.