Realtor Anant Raj Aims To Generate Rs 500 Crore By Issuing Securities
Realty firm Anant Raj Ltd has recently devised a plan to raise Rs 500 crore through securities issues to institutional investors. In fact, the company will seek shareholder approval through a special resolution. This is also going to keep the objective of the fundraising private.
In a regulatory filing, Anant Raj Ltd commented that the board of directors which has an inter-alia considered and approved “issuance of equity share or other convertible securities by way of Qualified Institutions Placement (OIP) for an aggregate consideration for exceeding Rs 500 crore.” The board of directors also approved the notice of the Extraordinary General Meeting (EGM) for seeking approval of shareholders by way of special resolution for approval for insurance of the securities.
Anant Raj announced their plans to launch three new housing projects in Gurugram and Andhra Pradesh in the next 6-9 months. It is also estimated to have a sales value of Rs 4,000 crore, it is also seeking to expand its business amid strong demand for residential properties. Anant Raj Ltd is going to launch a luxury group housing project in sector 63A, Gurugram.
The company has tons of plans to launch plots and villas, establishing a saleable area of around 1 million sq. ft.. it is also a nearly 200-acre township ‘Anant Raj Estate’ in Gurugram. Anant Raj has also started the construction of a 1,900 affordable housing project at Tirupati in Andhra Pradesh.