Anant Raj Raises Rs 500 Cr via Share Issue

New Delhi, Jan 19 (PTI) Realty firm Anant Raj Ltd has raised Rs 500 crore through issuance of shares to institutional investors on a private placement basis to reduce debt and meet working capital requirements.

In a regulatory filing on late Thursday, 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 Rs 296 per equity share, aggregating to about Rs 500 crore.

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.

In November last year, Anant Raj Ltd planned to raise up to Rs 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 Rs 4,000 crore.

Anant Raj will launch a luxury group housing project in Sector 63A Gurugram, comprising over 1 million sq ft of developable area. The company also has plans to launch plots and villas, having a saleable area of around 1 million sq ft, in its nearly 200-acre township 'Anant Raj Estate' in Gurugram.

The company has also started the construction of 1,900 affordable housing projects at Tirupati in Andhra Pradesh.