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Saturday, September 29, 2007

Ansal API plans to raise Rs 1000-1200 cr via FPO

Ansal Properties and Infrastructure plans to come out with its follow-on public offer to raise Rs 1000 crore-Rs 1200 crore in the next six months, its chairman said Friday. 'The offer should happen in the next six months and we will be using the proceeds to fund existing and upcoming projects,'' Sushil Ansal told reporters on the sidelines of an industry event.

He said the details of the offer are still being worked out and that the merchant bankers are yet to be shortlisted.

Ansal API has formed a joint venture with Malaysia based infrastructure company UEM Builders. The JV between Ansal API & UEM Builders is to be 60:40 and to develop infrastructure within Ansal API townships across India, with initial capital of Rs 50 crore.

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