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Parsvnath to raise funds through share sells to make up debt dues

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Indian realty major Parsvnath is paving way for fund raise amounting nearly Rs 600 crore by selling their stake of projects by the last quarter of 2009 -10 as per the sources reported at www.propertykhazana.com. A higher official of the company reveals that the “a substantial amount will be used to reduce the debt of the company which top up to Rs 1600 crore will be cut down to almost half by the year end”. The company has already initiated meetings with many PE players of the circuit for the cause where the company posses near about 79 million square feet of area undergoing construction activity at different major locations.
Lately the Delhi based company has collected around Rs 170 crore by share sells to the promoters like Morgan Stanley and Merril Lynch with the help of QIP where the company is setting up to put 70 percent of the total sum for the payment of debts and rest for its upcoming ventures as added on www.propertykhazana.com.
Source reported at www.propertykhazana.com also reveals that the financial crisis of the last year has earmarked many realty giant to either stall their projects or to sell out a portion to make up the debt issues due to lower sales which was mainly completed through qualified institutional placement. Around Rs 10000 crore has been made through this QIP from the first quarter of the existing year.
Source: NBTVLIVE

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