• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Brand Quest
• The New Manager
• BL Club
• Smartbuy
• Books
• Gallery

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth
• Events 2007

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Our Bureau

New Delhi, June 15 After a meeting of the board of directors on Monday, Ansal Properties and Infrastructure Ltd said it plans to raise Rs 1,500 crore by way of qualified institutional placement (QIP).

The board has decided to seek shareholders approval to issue equity shares to resident and non-resident qualified institutional buyers.

In a filing with the stock exchange, Ansal Properties said that the ceiling of the shareholding by registered foreign institutional investors in the company, through Portfolio Investment Scheme in terms of Foreign Exchange Management Act 1999, should be increased from 24 per cent to 49 per cent.

Mr Pranav Ansal, Vice-Chairman and Managing Director, said: “The raising of funds via the QIP route is a capital raising exercise to provide both business and financial 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.”

More Stories on : Private Placement | Real Estate & Construction

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Copyright © 2009, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line