NEW DELHI: Market regulator, Sebi has sought clarifications on the proposed Rs 750-crore initial public offer (IPO) of construction major HCC's realty arm Lavasa  Corporation.  Without disclosing the details of clarifications sought, Sebi has said ‘clarifications (are) awaited from lead manager’ for the proposed public issue.

As per the latest weekly update to the processing status of draft offer documents filed with Securities and Exchange Board of India (Sebi), regulator has said clarifications were  awaited on the proposed IPO of Lavasa as on August 8, 2014.

The status is updated on a weekly basis by the regulator and the next update of the status as on August 15, 2014, would be uploaded on the Sebi's website the next working day.  Sebi said that it might issue observations on Lavasa's  IPO document within 30 days from the date of receipt of  satisfactory reply from the lead merchant bankers to the  clarification or additional information sought from them.  The regulator had received the draft offer documents on  July 1 this year through its lead manager Axis Capital.

Lavasa has filed its draft red-herring prospectus with Sebi to go in for an IPO of its equity shares of Rs 10 each  aggregating to Rs 750 crore.  Lavasa, 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.