Looking to raise Rs 205 Cr: Ansal Properties

Pranav Ansal, VC & MD of Ansal Properties & Infrastructure said that the company is looking to raise Rs 205 crore in first tranche. Total of Rs 205 crore are being raised through IPRO and issue of warrants. He said that the QIP is on cards but not in the immediate future. The company has enabling resolution for QIP.

He further said that the current Debt-Equity ratio of the company is at 1:1. It is comfortable with it. Repayment of debt is not an issue for the company. Ansal Properties is discussing few PE deals currently. And the company will announce 1 PE deal within 1 month. Company is looking at 26% placement in PE deal. The placement in PE deal is worth Rs 160 crore, he added.
Ansal Properties is going to pick up 10% stake through IPRO for Rs 88 crore. IPRO is Mauritius based investment firm. It will issue 1.26 crore shares at Rs 70 per share. Ansal Properties will also issue 1.65 crore warrants to promoters. It will seek shareholder approval in AGM om September 29.

Ansal Properties earlier had plans to raise Rs 1500 crore via QIP. The board had approved raising Rs 2500 crore in June. The board had also approved increasing FII limit to 49%. The proceeds will partly fund the Lucknow & Dadri townships.

Ansal Properties is looking to raise Rs 2,500 crore in phases. The company may consider public issue after few months. Promoters stake is currently at 65%. Promoters were looking to dilute 10% via QIP. The company has debt of Rs 1120 crore currently.

Ansal Properties’ Q1FY10 revenues stood down 21.27% to Rs 137.94 crore, EBIDTA stood down 9.64% to Rs 40.22 crore and net profit was down 39.07% to Rs 11.82 crore. EPS was at Rs 1.04/sh.

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