Ansal to raise Rs 300-400 cr through QIP route

Realtor Ansal API is looking at raising Rs 300-400 crore through the Qualified Institutional Placement (QIP) route in near future.

“We are in the process of holding talks for the QIP to raise about Rs 300 to Rs 400 crore in a private deal,” Ansal API chairman Sushil Ansal told Business Standard here.

Recently, the company had raised nearly Rs 150 crore from two preferential issues to fund projects.

He informed Ansal had projects worth almost Rs 60,000 crore in progress all over the country, including Uttar Pradesh, Karnataka, Andhra Pradesh, Kerala, Rajasthan and Punjab. The company has a land bank of nearly 9,300 acres.

Asked if the promoters were also mulling pledging their equity shares for raising funds, as has been the trend off late, Ansal replied in the negative. Promoters hold almost 65 per cent of the equity in Ansal.

“We are not in dire need of funds to either raise funds through public issue or pledging of promoters’ equity. We prefer internal accruals and bank loans,” he added.

Ansal is developing a 3,500 acre hi-tech township ‘Sushant Golf City’ in Lucknow. The township project is estimated at Rs 20,000 crore and the company has already started giving possessions to the owners of plots and residential units.

The township will also house a 70-acre film city to be developed in association with noted filmmaker Muzaffar Ali. It will have a captive power plant, water recycle and sewage systems, besides schools, hospitals, health and sports zone, recreational spots, hotels and shopping malls.

The company currently has another 18 mega townships projects in India. Besides, it has undertaken 14 projects in segments such as commercial and retail, including an agri food processing Special Economic Zone (Sez) near Sonepat, Haryana.