Real estate developer Anant Raj Industries today said it will raise Rs 2,000 crore by issuing securities, including ADRs and FCCBs, to qualified institutional buyers (QIBs) on a private placement basis.

The board of directors has approved "the raising of funds up to Rs 2,000 crore by issue of securities through private placement to the QIBs," Anant Raj Industries said in a filing to the Bombay Stock Exchange(BSE).Apart from allotment of securities on a QIP basis, the company may opt for issuance of American depository receipts (ADRs), global depository receipts (GDP), foreign currency convertible bonds (FCCBs) or similar means, it said.     

The board has also approved the issuance of convertible warrants to its promoters on a preferential allotment basis, the filing added.

The company would hold an extra-ordinary general meeting (EGM) of its shareholders on June 25 to seek their approval for the raising of funds.

Following the announcement, Anant Raj surged five per cent and hit the upper trading limit of Rs 127.45 on the BSE.

Reeling under acute cash crunch, a host of real estate companies are now resorting to QIP and preferential allotment of warrants to promoters to strengthen their cash balance.Earlier this week, Hindustan Construction Company had also said it will raise Rs 1,500 crore through a private placement of securities to institutional investors.

Indiabulls Real Estate has raised Rs 2,656.50 crore through placement of securities to QIBs, while HDIL said it would raise funds by way of QIP.

The country's second largest realty firm, Unitech, had said it would issue warrants worth Rs 1,000 crore to its promoters, thereby raising their stake by about 10 per cent in the company.  

Last month, it had raised Rs 1,600 crore through QIP to fund various projects and pay off part of its Rs 8,400-crore debt.

Also Read   Related Stories News Now - US markets edge up on energy shares - NTPC-Simhadri Unit III to be ready by Nov 2010 - JSW Steel to raise $1 bn through QIPs / FCCBs - UPDATE: Manmohan inducts 59 new faces in his council - US debt worries drag US markets; Indian ADRs down - Bajaj Auto to move SC on TVS issue

Also Read   Related Stories News Now - Markets end flat - SAIL to add 5 mn tonne capacity in FY13 - NHPC FY12 net up 28% at Rs 2,772 cr - Aarti Industries Q4 up nearly 27% at Rs 28.24 crore - BPCL posts four-fold jump in Q4 net at Rs 3,963 cr More

New Ipad Application :Business Standard's all new IPad App Click here to download for free Other Stories      - Markets end flat - SAIL to add 5 mn tonne capacity in FY13 - NHPC FY12 net up 28% at Rs 2,772 cr - Aarti Industries Q4 up nearly 27% at Rs 28.24 crore - BPCL posts four-fold jump in Q4 net at Rs 3,963 cr

Tags : anant raj industries | ADR | FCCB | Real estate industry   Read Business news in  Advertisements -  Journey on, We are by Your Side. Click here to know more -  2 Lac Apartments, 1 Lac House / Plots. Click here -  Benefits Upto Rs. 2.36 Lakhs on the Fully Loaded TJet Petrol. -  The Best Seller is Also the No. 1 in Mileage. Click here -  Watch The Film Here. Click here to know more.. -  Leader in Passenger Car & Automobile Tyres. Click here -  1 billion in saving for Unilever without any tangles. -  A Brand New Server at a Price That Fits Your Budget. Click here -  Learn How One City is Running on FOOD SCRAPS. -  One Partnership Endless Possibilities. Click here to know more -  Helping doctors detect diseases earlier, saving costs & extending lives. -  36 Lakhs can get you a pool of Luxuries. Click here -  Which is the best plan for your daughter -  Check out the TRUE COLOURS of your Stocks, Now for FREE! -  One of the leading business schools in the world.Know More