Monday, June 15, 2009

Ansal properties to raise Rs 1,500 cr through QIP route

Delhi-based realtor Ansal Properties and Infrastructure limited (APIL), the flagship Company of the Ansal API Group, today announced its intentions to raise upto Rs 1,500 crore by way of qualified institutions placement (QIP).

The Board of Directors at a meeting held here decided to seek the approval of shareholders to issue equity shares to residents and non resident qualified institutional buyers by way of QIP buyers for raising a sum of up to Rs 1,500 crore.

The APIL Board has decided to seek approvals of the shareholders for making public issue or any other issue, from time to time for raising a sum of up to Rs 2,500 crore and further that the ceiling of the shareholding by registered Foreign Institutional Investors in the Company through Portfolio Investment Scheme in terms of FEMA 1999 be increased from 24 to 49 per cent or statutory ceiling, the company said here in a release.

APIL Vice Chairman and Managing Director Pranav Ansal said the move to raise funds through QIP route was to provide both financial and business strength to significantly enhance the Company's flexibility. This QIP will also be used to partly fund and support the two large hi-tech integrated townships consisting of hotels, buildings, shopping malls, IT parks, banks, group housing etc in Lucknow namely Sushant Hi-Tech City of about 1,760 acres and Megapolis in Dadri, which spans over 2,500 acres.

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