Ansal IPO to raise Rs 2500cr

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Ansal IPO to raise Rs 2500cr

Delhi-based Ansal Properties & Infrastructure said it planned to raise Rs 2,500 crore by offering shares to the public to fund expansion.

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Delhi-based Ansal Properties & Infrastructure , APIL said it planned to raise Rs 2,500 crore (Rs 25 billion) by offering shares to the public to fund expansion, reports The Financial Express.

Sources said APIL intended to offer 20-25% equity for this purpose in December. However, its current market capitalisation on the BSE is only Rs 2,546 crore (Rs 25.46 billion).

Ansal's board had approved an "enabling resolution" to raise the money, APIL said in a statement to the BSE on Monday. The follow-on public offer will dilute the promoter stake from 65% to 40-45%. The offer was to be launched in July-August, but was delayed due to a downturn in the market.

The APIL stock closed at Rs 727.45 on the BSE, up 5% on Monday. The announcement comes days after Ansal approved a proposal to raise Rs 175.8 crore (Rs 1.75 billion) by selling 5.75% to Citigroup Venture and CBC Bahrain at Rs 610.01 a share. The sell-off valued the company at Rs 3,057 crore (Rs 30.57 billion).