Ansal Properties rises on fund-raising plan

Ansal Properties rises on fund-raising plan
Business Standard, June 17, 2009, Money & Markets, P 1

BS Reporter / Mumbai

Ansal Properties & Infrastructure shares hit the 5 per cent upper circuit to close at Rs 63.25 on the company’s plan to raise funds through a qualified institutional placement (QIP). The Rs 1,500-crore that the company will raise will be used to partly fund two large hi-tech integrated townships and group housing projects in Lucknow and Dadri.

The board will also seek approval from the company’s shareholders to float a public issue or any other issue from time to time to raise up to Rs 2,500 crore. The stock opened at Rs 60 and made an intraday low of Rs 59.5 before touching the day’s high. Total traded volumes stood at 1.32 million shares.