Ansal to raise Rs1,500 crore through QIP
Ansal Properties and Infrastructure Ltd (APIL), has announced its intentions to raise upto Rs 1,500 crore by way of qualified institutions placement (QIP). The Board of Directors at its meeting held on June 15, 2009 has decided to seek the approval of shareholders to issue equity shares, to residents and non resident qualified institutional buyers by way of QIP to qualified institutional buyers for raising a sum of up to Rs 1,500 crore.
Moreover, the APIL Board has today in a filing with the stock exchanges said that the company has decided to seek approvals of the shareholders for making public issue or any other issue, from time to time for raising a sum of up to Rs 2, 500 crore, and, further that the ceiling of the shareholding by registered FIIs in the Company through Portfolio Investment Scheme in terms of FEMA 1999 be increased from 24% to 49% or statutory ceiling.
Pranav Ansal, vice chairman & MD, APIL expressed confidence with regards to the delivery of existing projects as per their scheduled timetable. "The raising of funds via the QIP route is a capital raising exercise for APIL to provide both business and financial strength to significantly enhance company’s flexibility," he said. This QIP will also be used to partly fund and support the two large hi-tech integrated townships consisting of hotels, buildings, shopping malls, IT parks, banks, group housing etc in Lucknow namely Sushant Hi-Tech City of about 1760 acres and Megapolis in Dadri which spans over 2500 acres.
Ansal further added: “APIL is keeping a watchful eye on business opportunities that would add shareholder value. We are cautiously optimistic about the upturn of the global property markets, but do not expect the turnaround to be happening in the near short run. However, we will continue to focus on our township projects and look for any and every opportunity to enhance shareholder value in all segments of real estate that we are present in."
Ansal also informed that that the recently launched affordable housing projects have been very successfully received. "APIL has a view to provide world class infrastructure facilities to its townships and execute outside infrastructure projects as well. In order to maintain a high standard of delivery of the same, APIL, has floated an Infrastructure Company," he added.