Real estate company Peninsula Land is planning to raise a qualified institutional placement of Rs 500 crore for acquiring land in Mumbai.

Peninsula Land has already identified five plots in Parel, Lower Parel, Kanjurmarg and Thane, said Rajeev Piramal, the company’s executive vice chairman

'The capital, if raised from QIP, will be used towards acquisition of new properties, as we will complete our current projects of 4m sq feet in Mumbai within the next 18 months and need to find fresh projects to replace those,' Piramal said.

The company currently has a board approval to raise up to Rs 750 crore and will decide on the final amount to be raised in its annual general meeting that will be held on today.

Times of India