Ansal Properties has raised Rs 58 crore ($12 million) through a preferential allotment to a string of high net worth individuals besides financial services firm Enam Investment Services. This is part of the plans to dilute 4.5% stake for around Rs 70 crore.

Bulk of the investments has been made by three Mumbai-based individuals Roopchand Bhanshali, Akash Bhanshali and Sushma Jain. Enam invested around Rs 8 crore. The fifth investor Sudarshan Securities is likely to pitch in with the balance Rs 12 crore.

Pranav Ansal, MD of the company, had earlier said in a television interview that the proceeds will be used for part-financing on-going projects besides retiring debt.

The board of the company had earlier also approved raising up to Rs 1,000 crore via qualified institutional placement to fund new projects to be launched over the next two years. Meanwhile, the company had withdrawn another fund raising plan from the promoters where the Ansals were to participate in a warrant issue.

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