Real Estate Gurgaon

Real estate firm Ansal Properties and Infrastructure is planning to come out with a follow-on-public offer to raise about Rs 1,000 crore for its expansion plan and to meet the development cost of existing projects.

When asked about the company's plans to come out with a FPO, Ansal API Chairman Sushil Ansal said: "We have not yet decided on the timing of the issue."

He was speaking to reporters here on the sidelines of FICCI's press meet on real estate.

Ansal said the company would issue fresh equity to raise about Rs 1,000 crore.

"The promoters holding at present is 74 per cent and after the public issue it would be 55 per cent," he added.

The national-capital based company is also planning to raise $250-300 million fund from either London or the US for hospitality ventures.

On hospitality fund, Ansal said, "work is going on" and the company would raise around $250-300 million from either the US or London.

"Most probably it will be from the US," he added.

The company had earlier announced plans to develop about 30 hotels across the country and had floated a special purpose vehicle with Ambience Hospitality Management.

Ansal API has recently tied up with IL&FS Investment Managers for a township and an IT SEZ in Gurgaon with an investment of $125 million (about Rs 515 crore).

Source : The Economic Times