Peninsula Land plans Rs 500cr mopup via QIP
The Economic Times, August 07, 2009, Page 6
Shivani Muthanna ET NOW
REAL estate company Peninsula Land is planning to raise a qualified institutional placement (QIP) of Rs 500 crore for acquiring land in Mumbai.
Peninsula Land has already identified 5 plots in Parel, Lower Parel, Kanjurmarg and Thane, said Rajeev Piramal, the company’s executive vice chairman.
“The capital, if raised from the QIP, will be used towards acquisition of new properties, as we will complete our current projects of 4 million sq feet in Mumbai within the next 18 months and need to find fresh projects to replace those,” Piramal said. The company currently has a board approval to raise upto Rs 750 crore and will decide on the final amount to be raised in its annual general meeting that will be held on August 10.
Mr Piramal said demand for commercial projects will at least six months to revive. “We’re moving away from the commercial model for our projects outside Mumbai for three years now,” he said.
Peninsula Land has decided to convert its plans of developing commercial projects on 30 acres in Hyderabad and 100 acres in Pune to residential.
The company will also develop residential projects on its Nashik and Goa properties. Peninsula Land has plans to launch 7 million sq feet of residential projects over the next three years. The company’s stock closed up 1.91% on Thursday at Rs 71.95.
The Economic Times, August 07, 2009, Page 6
Shivani Muthanna ET NOW
REAL estate company Peninsula Land is planning to raise a qualified institutional placement (QIP) of Rs 500 crore for acquiring land in Mumbai.
Peninsula Land has already identified 5 plots in Parel, Lower Parel, Kanjurmarg and Thane, said Rajeev Piramal, the company’s executive vice chairman.
“The capital, if raised from the QIP, will be used towards acquisition of new properties, as we will complete our current projects of 4 million sq feet in Mumbai within the next 18 months and need to find fresh projects to replace those,” Piramal said. The company currently has a board approval to raise upto Rs 750 crore and will decide on the final amount to be raised in its annual general meeting that will be held on August 10.
Mr Piramal said demand for commercial projects will at least six months to revive. “We’re moving away from the commercial model for our projects outside Mumbai for three years now,” he said.
Peninsula Land has decided to convert its plans of developing commercial projects on 30 acres in Hyderabad and 100 acres in Pune to residential.
The company will also develop residential projects on its Nashik and Goa properties. Peninsula Land has plans to launch 7 million sq feet of residential projects over the next three years. The company’s stock closed up 1.91% on Thursday at Rs 71.95.
Posts
No comments:
Post a Comment