Chennai-based leading realtor Marg Ltd has decided to raise around Rs 500 crore through qualified institutional placements (QIPs), and is also planning to receive money from private equity investors for its mall, residential projects, education and other businesses.The company has informed the Bombay Stock Exchange recently that its board has approved the plan to raise Rs 500 crore in one or more tranches through qualified QIPs.
GRK Reddy, chairman and managing director, Marg Ltd, while revealing the company’s plan to dilute its stake in its Marg Junction Mall on the Old Mahabalipuram Road (OMR) in close proximity to the IT corridor, also said, “We are planning to raise around Rs 200 crore through the dilution in the mall business”. Opening in 2013 and spread over 1.83 million sq ft, the mall will be Chennai's largest 'mixed use' development consisting of a 5-star hotel by Shangri-La, Reddy said.
Marg is also looking at put up around Rs 150-200 crore in real estate projects. “We have got approvals for the construction of two million sq ft -- largely residential, though a small portion is commercial -- in and around Chennai. The average sale price is around Rs 3,000-3,500 a sq ft.”
For more details, Click here
Source Page: Marg to dilute stake in mall, education businesses
About Me;
