Ansal Properties raises Rs 2.31 bn via QIP

Ansal Properties & Infrastructure today announced that it has raised Rs 2.31 billion via issue of equity shares under qualified institutions placement (QIP).

Based on the bids received from qualified institutions buyers (QIBs), the company will be issuing 25,726,291 equity shares of Rs 5 each at a price of Rs 89.95 a share (including a premium of Rs 84.95) aggregating to approximately Rs 2.31 billion.

Recently the company disclosed rise of 279.92% in consolidated net profit on y-o-y basis to Rs 387.90 million, while total income climbed 89.47% y-o-y basis to Rs 2.74 billion for the quarter ended June 2010.

Ansal Properties had underperformed the market over the past one month till Oct. 07, 2010, falling 4.78% compared with the Sensex`s 8.96% rise. It outperformed the market in past one quarter, gaining 16.49% as against 16.28% rise in the Sensex.