A clutch of real estate companies are eyeing the qualified institutional placement route to raise funds to finish languishing projects or meet their mounting debt obligations.

The latest entrant to make a dash towards the qualified institutional buyers for funds are the New Delhi-based Parsvnath Developers and the Bangalore-based Puravankara Projects with both the companies informing the Bombay Stock Exchange about their capital raising plans.

Parsvnath Developers announced, the company was raising Rs 2,500 crore through the QIP route, while also exploring other fund raising options. In a notice to the BSE, the real estate company said, 'The board has decided to raise funds by various means including through issuance of further securities to persons other than the existing equity shareholders of the company and also by way of QIP to qualified institutional buyers.' The company’s stock rose by 9.96% at Rs 88.85 on the BSE following the announcement.

Times of India