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Ashiana Housing raises Rs 200 cr via QIP

Press Trust of India  |  New Delhi 

Realty firm today said the company has raised Rs 200 crore from global investors and Creador through its qualified institutional placement (QIP) issue.

In a filing to the BSE, Delhi-based said the company's executive committee today approved an allotment of 93,02,324 shares at Rs 215 per share aggregating to Rs 200 crore.

"We have raised Rs 200 crore through QIP from and Creador Advisors. The fund will be utilised to strengthen our presence in existing geographies and also in Chennai, and Sohna markets where we have made entry," MD Vishal Gupta told PTI.

group firms and Creador's affiliate Idria Ltd have invested Rs 100 crore each in the company, he added.

The promoters stake will come down to 60 per cent from 67 per cent post QIP, Gupta said.

In December last year, Ashiana Housing had said that the company would invest about Rs 750 crore in the next 3-4 years to develop four new housing projects in Haryana and Rajasthan.

Ashiana Housing, which focuses on the development of homes for senior citizens, has planned four new housing projects at Jaipur, Bhiwadi, Sohna-Gurgaon and Neemrana comprising about 2,800 apartments.

Ashiana has 13 ongoing projects with a saleable area of 6.4 million sq ft, scheduled for delivery in the next 2-3 years. It plans to develop another 15 projects with saleable area of 8.4 million sq ft by 2020.

The company's share price settled at Rs 229.35 apiece on the BSE, up 3.24 per cent from previous closing.

First Published: Tue, February 10 2015. 20:00 IST