Parsvnath to raise Rs 2,500 cr

Real estate firm Parsvnath Developers on Monday said its shareholders have approved raising up to Rs 2,500 crore (Rs 25 billion) through issue of securities and to increase the foreign investment limit in the company by up to 40 per cent.

In a filing to the Bombay Stock Exchange, the company said shareholders have approved the proposal of raising of extra long-term funds through further issuance of securities, including qualified institutional placement, for an amount of up to Rs 2,500 crore (Rs 25 billion).

The shareholders have also approved the increase in the limit of Foreign Institutional Investors holding in the company from 24 per cent to up to 40 per cent of the share capital of the company.

Shares of the company were trading at Rs 84.50, up 0.84 per cent on the Bombay Stock Exchange.