Will raise funds to foray into infrastructure: Puravankara
Puravankara Projects, the Bangalore-based real estate company, announced on May 26 that it was looking to raise long-term funds, including via the qualified institutional placement (QIP) route. The company said it was looking to raise funds to the tune of Rs 750 crore.
Ravi Ramu, the company’s Director of Finance, said the realty firm was looking at a timeframe of five-six weeks for raising funds. The money raised, he said, would be utilised for existing projects as well as to foray into infrastructure development. “We may also float a construction/infrastructure subsidiary soon,” Ramu said.
Puravankara, Ramu said, was not looking at a major dilution in promoter shareholding via the QIP issue as they held about 90% stake in the company. “The promoters want to retain 75% stake with themselves post the QIP issue,” he said, adding that the company was also considering other options to raise funds such as foreign currency convertible bonds (FCCBs) and bonds apart from equity.
Puravankara Projects, the Bangalore-based real estate company, announced on May 26 that it was looking to raise long-term funds, including via the qualified institutional placement (QIP) route. The company said it was looking to raise funds to the tune of Rs 750 crore.
Ravi Ramu, the company’s Director of Finance, said the realty firm was looking at a timeframe of five-six weeks for raising funds. The money raised, he said, would be utilised for existing projects as well as to foray into infrastructure development. “We may also float an a new firm to venture into affordable housing soon,” Ramu said.