Parsvnath to raise funds through QIP

Realty firm Parsvnath Developers today said it would raise funds through private placement of shares, but did not disclose the amount.

In a filing to the Bombay Stock Exchange (BSE), the company informed that it has opened the Qualified Institutional Placement (QIP) of equity shares yesterday.

The company has fixed the floor price for QIP at Rs 141.57 a share, which is lower than the yesterday's closing price of Rs 147.90 on the BSE.

However, the company did not disclose the amount it plans to raise through QIP.

This is the second round of QIP for Parsvnath in last one year. In October 2009, the company had raised Rs 168 crore through QIP mainly to retire debt. It had sold 1.38 crore shares at Rs 121.25 per share.

Besides QIP, Parsvnath had raised Rs 115 crore last year by divesting 22 per cent stake in a housing project located in Delhi to private equity firm Red Fort Capital.

In another PE deal, the company raised Rs 75 crore from Sun Apollo by selling stake in a residential project at Gurgaon.