Mumbai: Real estate developer Anant Raj Industries has sold over 15% stake for as much as Rs683 crore to a clutch of foreign investors led by Government of Singapore Investment Corp. Pte (GIC), billionaire investor George Soros and Morgan Stanley.
GIC, which manages Singapore’s foreign exchange reserves, in respect of three respective sub accounts — Government of Singapore, Monetary Authority of Singapore and Monetary Authority of Singapore — has been allotted 35.14 lakh shares (9.81%) in the domestic realty firm for about Rs432 crore, Anant Raj Industries informed the BSE.
Besides, Morgan Stanley Dean Witter has been allotted 13.65 lakh shares (3.81%) for Rs167.93 crore, while Soros’ hedge fund Quantum (M) Ltd got 6.80 lakh shares for Rs83.60 crore (1.9%).
All the investors have been given the shares at the price of Rs1,229.51 a share on preferential basis to the registered FIIs, after Anant Raj Industries received the entire money in a separate account, it informed the Bombay Stock Exchange.
FIIs including BSMA, Citigroup, Lehman Brothers, ABN Amro Bank and Goldman Sachs already hold significant equity interest in the company and Quantum (M) held 1.29%, shareholding data at the end of 31 March shows.
Reacting to the news, shares of Anant Raj hit the 5% upper circuit on the BSE at Rs1,312.05.
Recently, Vipul Ltd, a real estate company, raised over Rs230 crore through placement of securities to US-based Wachovia Corporation.
Another company, Phoenix Mills is also planning to sell equity stakes to HSBC Financial Services, Americorp Ventures, Barclays, Citigroup etc through the preferential issue route.