Akruti City to raise USD 500 mn via QIB

MUMBAI: Real estate firm Akruti City on Friday said it will raise USD 500 million (nearly Rs 2,351.72 crore) through private placement of shares to qualified institutional buyers (QIB).

The board of directors of the company has approved to raise USD 500 million by way of institutional placement of shares, Akruti City said in a filing to the National Stock Exchange.

The proposal is subjected to shareholders approval, the filing added.

Shares of Akruti City settled at Rs 601.85, up 2.97 per cent on the BSE.