Ansal Properties may raise Rs1,500 cr via QIP

Ansal Properties may raise Rs1,500 cr via QIP
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First Published: Mon, Jun 15 2009. 11 14 PM IST
Updated: Mon, Jun 15 2009. 11 14 PM IST
New Delhi: Real estate developer, Ansal Properties and Infrastructure Ltd, plans to raise up to Rs1,500 crore through a qualified institutional placement (QIP) after developers such as Unitech Ltd and Indiabulls Real Estate Ltd successfully raised funds through a QIP.
The board of directors at a meeting held on 15 June has decided to seek the approval of shareholders to issue equity shares, to qualified institutional buyers to raise up to Rs1,500 crore, the company said in a press release.
The board has also decided to seek shareholder approval for making public issue or any other issue, from time to time for raising up to Rs2, 500 crore, and for increasing the shareholding limit of Foreign Institutional Investors in the company from 24% to 49%.
The share price of Ansal API was down by 4.21% at Rs60.35 on the Bombay Stock Exchange. While the Sensex was down by 2.38%, the BSE Realty.
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First Published: Mon, Jun 15 2009. 11 14 PM IST