Moneycontrol
Last Updated : Oct 27, 2017 10:15 PM IST | Source: PTI

Sunteck Realty raises Rs 500 crore via QIP

The company's qualified institutional placement (QIP) issue closed on Friday.

Kill that procrastination As the famous adage goes, “Time is money” and procrastinating in money matters is the most damaging toward profitability. It means that one would not let the power of compound interest work in our favour. Also, starting early allows one to take corrective action wherever required. To keep it simple —make a plan and start walking towards the goal of financial freedom.
Kill that procrastination As the famous adage goes, “Time is money” and procrastinating in money matters is the most damaging toward profitability. It means that one would not let the power of compound interest work in our favour. Also, starting early allows one to take corrective action wherever required. To keep it simple —make a plan and start walking towards the goal of financial freedom.
 
 
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Sunteck Realty today said it has raised Rs 500 crore through private placement of shares from institutional investors, mainly to fund upcoming projects.

In a regulatory filing, Sunteck's capital-raising committee approved the "issuance and allocation of 1,55,27,950 shares to be allotted to eligible qualified institutional buyers pursuant to QIP aggregating up to Rs 499.99 crore".

The company's qualified institutional placement (QIP) issue closed on Friday.

The issue price is Rs 322 per share, at a discount of Rs 14.33 to the floor price of Rs 336.33.

The company will use the funds to develop commercial assets and general corporate purposes.
First Published on Oct 27, 2017 09:55 pm
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