Puravankara Projects shares up 2% on fund raising plans
Puravankara surged nearly 2% following reports that the company is looking to raise Rs 500 cr by diluting promoters' stake.
By ET Online |
NEW DELHI: Puravankara Projects Ltd surged nearly 2 per cent in a weak market on Wednesday following reports that the Bangalore-based realty major is looking to raise Rs 500 crore by diluting promoters' stake to institutional investors through private placement.
At 09:40 am, Puravankara Projects pared some of its morning gains and was trading 1.5 per cent higher at Rs 96.60. It has hit a high of Rs 98.50 and a low of Rs 95.40 in trade today.
"The company plans to sell 4.5 crore shares at a price range of Rs 100-Rs 110 apiece to meet the Sebi's guidelines for a minimum public holding of 25 per cent," TNN reported.
"The company is learnt to have mandated J P Morgan for the share sale through the institutional private placement (IPP) route. J P Morgan is in talks with The Master Trust Bank of Japan, Motion Fund, Morgan Stanley, HSBC Global, GIC, SBI MF, Reliance MF to conclude the sale by next week," said the report.
At 09:40 am, Puravankara Projects pared some of its morning gains and was trading 1.5 per cent higher at Rs 96.60. It has hit a high of Rs 98.50 and a low of Rs 95.40 in trade today.
"The company plans to sell 4.5 crore shares at a price range of Rs 100-Rs 110 apiece to meet the Sebi's guidelines for a minimum public holding of 25 per cent," TNN reported.
"The company is learnt to have mandated J P Morgan for the share sale through the institutional private placement (IPP) route. J P Morgan is in talks with The Master Trust Bank of Japan, Motion Fund, Morgan Stanley, HSBC Global, GIC, SBI MF, Reliance MF to conclude the sale by next week," said the report.
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