Realty firm Anant Raj Ltd on Saturday announced plans to raise up to Rs 500 crore through issue of securities to institutional investors.
The company will seek shareholders' approval through a special resolution. It did not disclose the objective of the fund raising.
In a regulatory filing, Anant Raj Ltd said the board of directors has inter-alia considered and approved "issuance of equity shares or other convertible securities by way of Qualified Institutions Placement (QIP), for an aggregate consideration not exceeding Rs 500 crore."
The board also approved the notice of Extraordinary General Meeting (EGM) for seeking approval of shareholders by way of special resolution for approval for issuance of the securities.
Recently, 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, as it seeks to expand business amid strong demand for residential properties.
Anant Raj Ltd will launch a luxury group housing project in Sector 63A Gurugram, comprising over one 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.
Anant Raj has also started the construction of 1,900 affordable housing projects at Tirupati in Andhra Pradesh.
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