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PARSVNATH LOOKING TO STRIKE BIG AT INR 240 CRORES

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Parsvnath developers are looking to raise Rs 240 Crores by the end of March, by weakening the stakes to the private investors during the implementation of the project. According to the website, www.propertykhazana.com a senior company officer said, “We are trying to build good relation with our investors for our financial requirements. Furthermore, we are confident that we will be able to raise INR 242 Crores by the end of this year”. The developer has raised INR 115 Crores from Red Fort Capital in two branches, INR 168 Crores by Qualified Institutional Placement and INR 75 Crores from Apollo which is a real estate giant in to equity funds.
Pradeep Jain said,” The Company will not venture in to new projects, but will try to maintain and nourish existing projects which is amounting to 43 million square feet in the next 24 months. He also said that 90 percent are in the residential segment. On a short note to www.propertykhazana.com we have received the revenue of INR 3500 Crores from these projects and are expected to receive another INR 3500 Crores during possession. He also stressed on the fact that, in the next two years the investment will be around 1400 Crores for the construction and development of projects. These people will come under customer advance and investments”. At present, the company has got the debt which will not cross INR 1500 Crores. It is further go down by INR 1,100 Crores by the end of current year and INR 400 to 500 Crores by the end of the next year. Any new debt which is taken will be used to clear old debts.
The average cost of borrowing is at 13.5% and it is expected to go down by hundred points. He said, “The year 2010 is going to be better than year 2009 and the margins would remain with the levels of 30 percent”. In the second quarter results, Parsvanath Developers will post a huge profit of INR 62 Crores by selling 500 residential complexes compared to 70 units which were sold in the first quarter. For more important updates, please visit our website www.propertykhazana.com.
Source: NBTVLIVE

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