Citigroup buys stake in Ansal
Real estate developer Ansal Properties & Infrastructure today said institutional investors such as Citigroup and HDFC have bought equity stake in the company.
The company also received shareholders approval to raise up to Rs 2,500 crore through the issue of various securities.
The shareholders, at a meeting recently, approved raising up to Rs 2,500 crore through the issue of securities on public issue, rights, qualified institutions placement (QIP) or any other basis, the company informed the Bombay Stock Exchange.
“This would propel the company to even greater heights in building townships, commercial complexes, malls and SEZs in various parts of the country, thereby contributing to the dynamic growth of India,” Ansal Properties & Infrastructure CEO Anil Kumar said.
The company would issue up to 28.83 lakh equity shares of Rs 5 each to Bahrain-based Citicorp Banking Corporation, Citigroup Venture Capital International Growth Partnership Mauritius and to its co-investment trusts at Rs 610.01 per equity share on preferential basis.
Consequent to this allotment, through which Ansal raised about Rs 175 crore, Citigroup affiliates would acquire 5.75 per cent of equity capital (post merger) in the company.
The company would also issue up to 8.19 lakh zero coupon secured redeemable optionally convertible debentures (ROCD) of 100 each to HDFC Ventures Trustee Co at Rs 610.01 each on preferential basis, raising about Rs 50 crore.
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