Ansal Properties to raise Rs 203 cr via issue of warrants
Ansal Properties & Infrastructure (APIL), the flagship company of Ansal API Group, today said it will raise funds to the tune of Rs 203 crore by issue of warrants to Mauritius based--IPRO Funds Ltd.
By PTI |
MUMBAI: Ansal Properties & Infrastructure (APIL), the flagship company of Ansal API Group, today said it will raise funds to the tune of Rs 203 crore by issue of warrants to Mauritius based--IPRO Funds Ltd.
The promoters of the company have agreed to issue 1.26 crore warrants to IPRO Funds Ltd on preferential basis, APIL said in a filing to the Bombay Stock Exchange.
"The raising of funds via the preferential route from IPRO Funds Ltd, Mauritius is an indication of the continuing confidence of foreign investors in the Indian real estate sector", Ansal Properties and Infrastructure Vice-Chairman and Managing Director Pranav Ansal said.
The raised funds would be used to further the objectives of the company to speed up the implementation of its business plan, the filing added.
The proposal is subject to shareholders approval and the allotment is expected to be completed by mid-October 2009, the filing added.
Shares of APIL were trading on Rs 77.80 on BSE, down 3.41 per cent from the previous close.
The promoters of the company have agreed to issue 1.26 crore warrants to IPRO Funds Ltd on preferential basis, APIL said in a filing to the Bombay Stock Exchange.
"The raising of funds via the preferential route from IPRO Funds Ltd, Mauritius is an indication of the continuing confidence of foreign investors in the Indian real estate sector", Ansal Properties and Infrastructure Vice-Chairman and Managing Director Pranav Ansal said.
The raised funds would be used to further the objectives of the company to speed up the implementation of its business plan, the filing added.
The proposal is subject to shareholders approval and the allotment is expected to be completed by mid-October 2009, the filing added.
Shares of APIL were trading on Rs 77.80 on BSE, down 3.41 per cent from the previous close.
Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
Bookmark or read stories offline -
Download ET Markets APP
Download ET Markets APP
ADVERTISEMENT
