Parsvnath to raise Rs 2,500 cr via QIP


Tel: 0124-4229239,0124-4296414
Share tips
Share tips
Members Login

Profile Id 

Parsvnath to raise Rs 2,500 cr via QIP 31/05/2009 : >> News Archive  >> Parsvnath to raise Rs 2,500 cr via QIP

Real estate firm Parsvnath Developers said it is planning to raise up to Rs 2,500 crore by way of qualified institutional placement (QIP).

"The board has decided to raise funds by various means, including through issuance of further securities to persons other than the existing equity shareholders of the company and also by way of QIP to qualified institutional buyers for raising a sum of up to Rs 2,500 crore," Parsvnath said in a filing to the Bombay Stock Exchange.

Following the announcement, shares of Parsvnath surged 9.96 per cent to hit its upper circuit at Rs 88.85 on the BSE.

Reeling under acute cash crunch, a host of real estate companies are now resorting to QIP and preferential allotment of warrants to promoters to strengthen their cash balance.

Last week, Indiabulls Real Estate had raised Rs 2,656.50 crore through placement of securities to QIBs, while HDIL had said it would raise funds by way of QIP.

The country's second largest realty firm Unitech had said it would issue warrants worth Rs 1,000 crore to promoters, thereby raising their stake by about 10 per cent in the company. Last month, it had raised Rs 1,600 crore through QIP to fund various projects and pay off part of its Rs 8,400-crore debt.

Besides, the promoters of India's largest realty firm DLF had earlier this month sold a 9.9 per cent stake in the company for about Rs 3,860 crore for raising funds.

click here to return to sharetipsexpert -


Leave a Comment
Mail (*)

Share Tips

Latest Financial News
10/08/2011 : Yes, the Indian stock market crash of 2011 is leaving many investors jaded and shaken up.
10/08/2011 : Circumstances are far different as, in 2008, stocks crashed based on a nearly insolvent banking syst
08/01/2010 : get best calls for nifty trading tips. share tips expert gives best calls in nifty
18/11/2009 : JSW shares surge to 52-week high on stake sale report
31/08/2009 : WHAT DO WE OFFER


Secured Payment Gateway by
CC Avenue