by THO
Listed real estate developer Anant Raj Ltd has raised ₹500 crore through Qualified Institutions Placement (QIP), the company said in a regulatory filing.
On January 18, the company informed that it had launched Qualified Institutional Placement (QIP) on January 12 and closed on January 18.
The Finance and Investment Committee approved the allotment of 1,68,91,891 equity shares to eligible qualified institutional buyers at the issue price of ₹296 per equity share, aggregating to about ₹500 crore, it said in a regulatory filing.
The shares have been issued to Tata Indian Opportunities Fund, Tata Mutual Fund-Tata ELSS Tax Saver Fund, Bofa Securities Europe, Aditya Birla Sun Life Insurance Company, Discovery Global Opportunity (Mauritius), Aditya Birla Sun Life Trustee, Mahindra Manulife Small Cap Fund, and Mahindra Manulife Business Cycle Fund.
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The Fund will be utilized for further repayment of debt and working capital. After this, the debt of the company will be reduced to negligible level. This will help the company to expedite the development of data centers, launch of new residential projects and expand its rental income substantially, a source said.
In November last year, Anant Raj Ltd had said that it planned to raise up to ₹500 crore through issuance of securities to institutional investors.
In October, Delhi-based Anant Raj announced plans to launch three new housing projects in Gurugram and Andhra Pradesh in the next 6-9 months with an estimated sales value of ₹4,000 crore.
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The company had said that it was planning to launch two housing projects in Gurgaon’s Sector 63A and 1900 industrial housing units in the temple town of Tirupati in Andhra Pradesh. It had also said that it would be expanding its existing hotel space in South Delhi’s Chattarpur area to set up an office and service apartments
Anant Raj Ltd, a NSE/BSE listed company, is a diversified real estate company founded in 1969 by Ashok Sarin, the founder chairman. It is primarily engaged in the development and construction of IT parks, hospitality projects, data centers, office complexes, shopping malls, and all segments of residential projects, warehousing in Delhi, Haryana, Andhra Pradesh, Rajasthan, and NCR.
The company is developing 300 MW power load data center at three locations in Haryana for which the building is ready.
