Ansal API sells Rs 294 cr worth place in Feb

Real estate developer Ansal Properties & Infrastructure has sold nearly 3 million sq ft of space worth Rs 294 crore in February across various places in the country.

"In February 2011, the company booked sales of about 2.92 million sq ft, aggregating to sale value of about Rs 294 crore," the company said in a presentation to its investors.

The company received highest bookings for 1.49 million sq ft in its largest township, Sushant Golf City, in Lucknow. Another township 'Esencia' in Gurgaon contributed 0.07 million sq ft to its total sales booked in last month.

'Sushant Golf City' is a 3,530-acre hi-tech township, while 'Esencia' is being developed in 112 acres of land.

"Consequently the total sales booked in 12 months of FY11 increased to about 20.39 million sq ft, aggregating to sale value of about Rs 2,174.5 crore," the company said.

The company currently has a net land bank of over 8,500 acres in various locations across the country.

In January, it received bookings for 1.66 million sq ft, aggregating to sales revenue of Rs 166.74 crore.

Ansal API is currently in the process of raising up to Rs 350 crore from private equity players by diluting its stake at various projects to fund its ongoing constructions.

Last year, the company had raised Rs 231 crore through private placement of shares to institutional investors for reducing its debt and execute ongoing projects.

The company had reported 4.81% jump in its consolidated net profit for the quarter ended December 31, 2010, at Rs 32.93 crore compared to Rs 31.42 crore in the corresponding period previous year.

The consolidated total revenue during the third quarter of this fiscal increased by 6.50% to Rs 353.17 crore from Rs 331.60 crore in the year-ago period.

Shares of Ansal API closed at Rs 35.35 on the Bombay Stock Exchange, down by 3.02% from the previous close.