Eight real estate firms including Unitech, Parsvnath and Sobha Developers are looking to raise more than Rs 25,000 crore together through sales of shares, mostly to foreign investors.
After struggling for funds and soaring debt levels in the recent months due to a slump in property as well as financial markets, these firms are now looking to raise about Rs 3,000 crore by issuing convertible warrants to their promoters, while more than Rs 22,000 crore is intended to be raised from institutional investors such as FIIs.
Those looking to raise "additional long-term funds" through sale of shares, mostly through Qualified Institutional Placement (QIP), where shares are sold to institutional investors, include Unitech, Parsvnath, Sobha Developers, HDIL, Puravankara, Anantraj Industries, Akruty City and Orbit Corp.
Unitech, HDIL and Orbit Corp are also looking to raise funds by issuing convertible warrants to their promoters.
Times of India