Ansal Housing & Construction to raise Rs 150cr via QIP

Ansal Housing BSE | NSE 28/05/12 Are Mutual Funds betting on Ansal Housing?

Ansal Housing & Construction has announced its quarterly results. Its Q3 net profit was up at Rs 13.06 crore versus Rs 6.7 crore, YoY.

Kushagr Ansal, President of the company, says that they currently have a landbank of 2600 acres. He says that they plan to develop their landbank over the next 12 months.

He also says that they plan to raise Rs 150 crore via QIP in February.

 

Excerpts from CNBC-TV18's exclusive interview with Kushagr Ansal:

 

Q: Where has the growth come in from for this quarter?

 

A: We have done excellent sales in our Ansal Heights project at Mumbai, Worli, Ansal Plaza, Vaishali has done amazingly with the renting. Ansal Town, Agra, Ansal Town Indore these are townships that we are developing in Agra, Indore they have

shown good response.

 

The markets really responded well in these Tier II areas. In addition to that the apartment complexes that we are building in Lucknow and Agra as well have shown a good response and figures are also coming in from our old stock that we have sold and the Ghaziabad developments that we are doing.

 

Q: What's the current land bank of the company?

 

A: The current land bank of the company is around 2600 acres now. We have expanded in the last four-five months and we will be putting all these lands under development over the next 12 months.

 

Q: Any more land acquisitions that you are looking at?

 

A: We are raising some money in February through QIP route and we will be using that money to fund these land acquisitions and further expand these lands over the next six months time.

 

Q: You are issuing about 30 lakh shares for the QIP issue. How much money are you raising through that?

 

A: Around Rs 150 crore.

 

Q: The total land bank you said is 2600 acres of the company how do you value that?

 

A: This is in various modes some is own by the company, some in joint development. So overall one could say it's around Rs 50-60 lakh per acre the value of the land but they are in different modes and we will start development on these over the next 12 months.

 

Q: Could you give us some details on the QIP pricing because we understand it is going to be about 5-10% discount to the market price?

 

A: It will be according to market price whatever the market is.

 

Q: You were looking at acquiring about 500 acres of land within the six months of the issue any details on that?

 

A: We will be looking at lands in Punjab, Haryana, Uttar Pradesh, Madhya Pradesh. We are also trying to expand our presence in the NCR market. 

 

Q: Any future projections in terms of revenues and profit figures?

 

A: The company is been growing at a fast pace and we expect to grow at this pace in the coming year. So hoping for the best in the coming year.