New Delhi, Oct 27 (PTI) Sunteck Realty today said it hasraised Rs 500 crore through private placement of shares frominstitutional investors, mainly to fund upcoming projects.
In a regulatory filing, Sunteck's capital-raisingcommittee approved the "issuance and allocation of 1,55,27,950shares to be allotted to eligible qualified institutionalbuyers pursuant to QIP aggregating up to Rs 499.99 crore".
The company's qualified institutional placement (QIP)issue closed today.
The issue price is Rs 322 per share, at a discount of Rs14.33 to the floor price of Rs 336.33.
The company will use the funds to develop commercialassets and general corporate purposes. PTI MJHARD.
This is unedited, unformatted feed from the Press Trust of India wire.