Reeling under depleting cash balances, yet another builder to get on the qualified institutional placement (QIP) bandwagon is Parsvnath Developers.
Following in the footsteps of Indiabulls Real Estate, which had garnered Rs 2,656.50 crore recently, Parsvnath announced that it is targetting a fund-raising exercise involving a sum of Rs 2,500 crore.
The biggest realty companies in the country were in a similar dire situation, ever since the global financial crisis came to roost in India, forcing them to eye sourcing of funds for various reasons, from paying off debt that has come due to sourcing money for projects at hand. Earlier, Unitech had gone through the moves by raising Rs 1,600 crore through QIPs, while DLF, the largest realtor in India, sold a 9.9 per cent stake to garner Rs 3,800 crore.
The news was enough power the Parsvnath scrip to a gain of 9.96 per cent at Rs 88.85 on the Bombay Stock Exchange. However, at one time the scrip was ruling at over Rs 200. Other realty scrips that were doing well on the day were Ansal Properties, which was up by 10 per cent, Unitech was up by 6.81 per cent and DLF had a gain of 5.78 per cent.
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