New Delhi, September 30: Inspite of the huge setback faced by the real estate developers due to the steep slowdown in the sector in the past few months, the realty firm , Parsvanath Developers is eying private placement of shares.
By issuing the shares through Qualified Institutional Placement (QIP), the firm intends to raise 35 mn dollars (around Rs 168 crore) . The proceeds of the share sale will be used to reduce debt of the company and to complete its existing projects.
The company’s total debt ,as of now,stands at Rs 1,600 crore and the firm is aiming to reduce it to about Rs 600-700 crore by the end of this fiscal year
The company may raise more funds if they see any further demand from the investors
—Agencies