Ansal Properties to raise Rs 650 crore via QIP

Ansal Properties to raise Rs 650 crore via QIP

Last Updated: Tue, Dec 22, 2009 07:36 hrs

Ansal Properties and Infrastructure will raise around Rs 650 crore through a qualified institutional placement (QIP) in February 2010, a banker involved in the process told the Financial Express.

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The board of the real estate developer had decided to seek shareholders approval to issue equity shares worth up to Rs 1500 crore to institutions, and has now mandated IDFC-SSKI as its lead banker for the 6.5-billion-rupee QIP, the paper said.

"We do not comment on market speculation," the company spokesman said when contacted by the paper.

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The funds raised through the QIP would be mainly used to retire the company's debt of 10 billion rupees and fund its Rs 2000 crore megapolis project, the paper said

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