Sobha Developers, the Bangalore-based real estate developer, has raised $112 million through the QIP issue on Tuesday.

Also Read   Related Stories News Now - HomeShop18 to add insurance and apparel to portfolio - Emaar's merged entity to have $3.65 bn in debt - Reality check on realty - Dubai Holdings and Emaar in merger talks - DLF to cut its Rs 14,000 cr debt by half - Akash Prakash: The return of stock-picking   Also Read   Related Stories News Now - Sensex makes remarkable recovery, regains 17K - L N Mittal doubles his stake in Ophir Energy - Indian handicraft firms to participate in Munich fair - Microsoft eyes Indian smartphone mkt - RIL Hazira unit bags 'Excellent Energy Efficient Unit Award' More

The company, which has debt of Rs 1,900 crore and is leveraged 1.6 times, has sold 25 million shares at Rs 209.36 to around nine global investors, including Capital International and Albis. Enam and Morgan Stanley managed the issue for Sobha Developers.

With this, the promoters have offloaded their 22 per cent stake and will be holding around 65 per cent in the company. Industry sources indicate that Sobha will be using the proceeds of this sale partly to repay debt and rest will go towards working capital requirements.

The company in addition to this measure of raising funds to looking at selling a part of its 3,000 acres land bank and is looking to rope in private equity partners at various of its projects.

Other Stories      - Sensex makes remarkable recovery, regains 17K - L N Mittal doubles his stake in Ophir Energy - Indian handicraft firms to participate in Munich fair - Microsoft eyes Indian smartphone mkt - RIL Hazira unit bags 'Excellent Energy Efficient Unit Award' More

Tags : Sobha Developers | real estate | QIP | Morgan Stanley   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