Sucheta Dalal :Peninsula Land to raise Rs 750 crore through QIP
Sucheta Dalal

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Peninsula Land to raise Rs 750 crore through QIP  

November 12, 2009

 

The continuing rally in the equity market is encouraging more and more realtors to raise money. Peninsula Land Ltd is talking of raising Rs750 crore through the route of Qualified Institutional Placement (QIP) by the first half of 2010. It would have to issue about 6 crore new shares for this.
 
According to company sources, these funds would be used for acquiring new land. Peninsula is planning to build new residential projects in Hyderabad, Pune, Nashik, Nagpur, Goa and Mumbai. It plans to build 28-30 million sq ft across all projects of which 4 million sq ft would be in central Mumbai areas like Parel, Lower Parel and Sewri.
 
“In the next 12 months, we will complete our old projects and have planned for many new projects in various cities for which we are looking forward to raise Rs750 crore by August 2010 to acquire land for the new projects,” said Rajeev Piramal, executive vice chairman, Peninsula Land.
 
The developer also hopes to complete its old projects that are stuck such as Ashok Gardens, a residential project in Parel, by the first half of next year, when it will hand over 300-400 apartments to the owners out of total 600 apartments.
 
“There was some delay in the Ashok Gardens project due to a public interest litigation and some other legal issues. We lost 18-24 months in that,” admitted Mr Piramal.
-Pallabika Ganguly [email protected]

-- Sucheta Dalal



 



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