Mauritius based IPRO Funds Ltd will invest for over Rs 88 crore in Ansal Properties & Infrastructure Ltd (APIL), a Delhi based real estate development company. APIL plans to raise around Rs 203 crore through the issue of 1.26 crore equity shares to foreign institutional investors and over 1.65 crore warrants to its promoters.
IPRO is acquiring 1.26 crore equity shares at a price of around Rs 70 each for a 10% stake in the company. APIL informed the stock exchange that the company will seek shareholders’ approval at the next AGM to be held on September 29, 2009 for the issue of equity shares and warrants on a preferential basis.
Pranav Ansal, Vice Chairman and Managing Director, APIL said that the company has planned to raise the funds to complete its ongoing projects for on time delivery to its customers. “The inflow of money will be used further to speed up the implementation of its business plan,” said Ansal.
The proposed fund will partly support two of its large hi-tech integrated townships consisting of hotels, buildings, shopping malls, IT parks, banks and group housing in Lucknow and Greater Noida area in Uttar Pradesh. The Lucknow project, called Sushant Hi-Tech City, spreads over 1760 acres of land, whereas the Greater Noida project called Megapolis is spread over 2,500 acres.
IPRO is an independent investment management services group with over $130 million of assets under management. It manages funds and investment advisory services that offer innovative products to both private and institutional investors. The group has presence internationally with offices in Botswana and Mauritius.