ANSAL API, which got board approval to raise Rs 1,000 crore via the QIP route, may do it in two tranches, depending on market conditions. Senior officials of the company indicated that they may first raise up to Rs 400 crore through QIP and then raise the remaining portion at a later stage but within the one-year period for which the QIP resolution is valid. The money raised would be used mostly for expansion and development of ongoing projects.
One of Ansal API's most ambitious project of Sushant Golf City in Lucknow has also been expanded from about 1,800 acres to 3,500 acres. Ansal API chairman Sushil Ansal said that if need be, they may even extend the project to 5,000 acres, making it one of the biggest township projects in north India. As of now, the company proposes to invest Rs 20,000 crore into the 3,500 acre project. Courtesy ET realty dtd: 21/05/2010
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