Delhi-based Parsvnath Developers on Wednesday said the company has raised Rs 270 crore through private placement of shares with institutional investors. The funds will be utilised for the execution of ongoing projects, it said.
The company, which had launched a qualified institutional placement (QIP) of equity shares last week, will issue 1.9 crore equity shares at R142 apiece, Parsvnath informed the Bombay Stock Exchange.
The company will utilise the funds raised through the QIP route for the completion of ongoing projects, said Pradeep Jain, chairman, Parsvnath.
Post-QIP, the promoters’ share will come down by 5-6 per cent to about 69 per cent.