Orbit Corp latest firm to adopt qualified institutional placement route

MUMBAI: Mumbai-based real estate developer, Orbit Corporation is the latest firm to adopt the qualified institutional placement route to raise money.

On Tuesday, Orbit informed the Bombay Stock Exchange that "a meeting of the board will be held on Wednesday to consider a proposal to raise funds through qualified institutional placement."

Although the company didn���t specify the financial details, people familiar with the development have said that the placement could likely raise about Rs 250 crore. The amount would be used to fund forthcoming projects, they added. Orbit has debt of Rs 650 crore. The firm had earlier rescheduled its debt of about Rs 200 crore.

In Mumbai, Orbit has projects like the Orbit Business Park in Andheri and Orbit Grandeur in Santacruz. Shares of the company rose 3.6% to Rs 191 in intra day trade.