Puravankara Proj to raise Rs 450 cr via IPP, shares up 3.5%
The Bangalore-based real estate firm Puravankara Projects (PPL) jumped as much as 3.5 percent intraday on Wednesday as the company plans to raise around Rs 450-500 crore through the institutional placement programme or IPP.
March 13, 2013 / 13:38 IST
The Bangalore-based real estate firm Puravankara Projects (PPL) jumped as much as 3.5 percent intraday on Wednesday as the company plans to raise around Rs 450-500 crore through the institutional placement programme or IPP.
CNBC-TV18 reported that the funds raising will be done in the price range of Rs 100-110 a share.The board of directors of the company has approved the issue upto 4.5 crore equity shares of Rs 5 each, under institutional placement programme or any other permitted methods in February.Puravankara completed 41 residential projects and two commercial projects spanning over 16.52 mm sq ft as of March 8, 2013, the company said in its investors' presentation on Tuesday.According to that presentation, projects totaling 28.04 million sq ft (wherein PPL’s economic interest stands at 25.16 million sq ft) are under development as of March 8, 2013.Promoters hold 89.96 percent stake in the company as of December 2012. According to the SEBI rules & regulations, the private company has to increase minimum public shareholding to 25 percent by June 2013.At 12:14 hours IST, shares rose 0.26 percent to Rs 95.40 on Bombay Stock Exchange. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
