Realty major Ansal Properties & Infrastructure today said it is planning to raise funds up to Rs 1,500 crore through the issue of securities on a private placement basis to qualified institutional buyers.

Also Read   Related Stories News Now - Pantaloon shareholders to mull Rs 1,000-cr fund raising plan - Promoters, bankers seek change in QIP pricing rule - QIPs to pay full money upfront for IPOs - Real estate stocks: A trader's delight - Rishabhdev's issue subscribed 8 times - Network 18 board approves raising of Rs 205 cr via QIP   Also Read   Related Stories News Now - Sensex makes remarkable recovery, regains 17K - Shipping: All hands on deck - Asian markets open in the green - Range-trading may continue this week - US sleuths believe ISI had links with Headley More

The board has approved "to issue securities up to Rs 1,500 crore by way of qualified institutions placement basis to resident or non-resident QIBs", the company said in a filing to the Bombay Stock Exchange.

The board would also seek the approval from its shareholders for making public issue or any other issue, from time to time for raising a sum of up to Rs 2,500 crore.

The realty firm is also planning to increase the limit of foreign institutional investors' (FII) in the company to 49 per cent. At present, the limit is at 24 per cent, it said.

The firm would seek the approval from its shareholders, by way of postal ballot, for the various ways of fund raising, it added.

"The raising of funds via QIP route is a capital raising exercise for April to provide both business and financial strength to significantly enhance company's flexibility," Ansal Properties and Infrastructure Vice-Chairman and MD Pranav Ansal said.

"This QIP will also be used to partly fund and support the two large hi0tech integrated townships consisting of hotels, buildings, shopping malls, IT parks and group housing in Lucknow and Dadri," he added.

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.

Realty firms like Unitech, Parsvnath, Sobha Developers, HDIL, Puravankara, Anantraj Industries, Akruti City and Orbit Corp are looking to raise additional long-term funds through sale of shares, mostly through QIP, where shares are sold to institutional investors.

Unitech plans to raise over Rs 11,000 crore, whereas HDIL is planning to raise about Rs 3,000 crore through QIP and Rs 850 crore through promoter warrants.

Further, Parsvnath and Anant Raj Industries are also planning to raise Rs 2,500 crore and Rs 2,000 crore, respectively.

Shares of Ansal Infra cloed at Rs 60.35, down 4.21 per cent on the BSE.

Other Stories      - Sensex makes remarkable recovery, regains 17K - Shipping: All hands on deck - Asian markets open in the green - Range-trading may continue this week - US sleuths believe ISI had links with Headley More

Tags : Ansal Properties | QIP | Realty major | foreign institutional investors   Read Business news in  Advertisements   Get financial advisory and solutions for your projects   Holidays starting at a delightful EMI of Rs 3481   Switch on and say hello to Monday morning !   Your dream home can now be a reality.   Visit Fortis for a preventive health check-up & get a 20% discount.   Follow the ups and downs of your investments. Try our new Portfolio Tracker   Kolkata Dock \ Freight contract for the British Gurkhas Nepal   Find how Midsize Businesses use ERP to gain competitive advantage   Trading in Forex is now as easy as 1-2-3   Discover an economical and cost effective way to market your products and services   Giftwithlove.com: Same day delivery of Flowers and Cakes to India   Download the E-book on the Future of Business Intelligence   Learn Best Practices for improving customer satisfaction   Know your customers better... download the free e-book on CRM