Mahindra Lifespace to raise Rs 400 crore via QIP route

NEW DELHI: Realty firm Mahindra Lifespace Developers today said it plans to raise about Rs 400 crore funds by issue of shares to institutional investors.

"The Board of Directors at its meeting held on August 31, 2013 approved raising of funds not exceeding Rs 400 crore by issue of equity shares by way of a qualified institutional placement ( QIP) to qualified institutional buyers," Mahindra Lifespace said in a filing with BSE.

The funds would be raised subject to the approval of shareholders through postal ballot on September 6, it said, adding, the results of the postal ballot will be declared on October 22.

The time and price at which shares would be issued via QIP route would be decided either by the Board or a committee of Directors to be constituted in this regard, it added.

The shares of the company were trading up by 1.86 per cent to Rs 409.05 on the BSE in afternoon trade.