Listed realty developer Anant Raj Ltd has raised Rs 500 crore via Qualified Institutions Placement (QIP).
Company will use part of the funds raised to bring down the debt and for working capital requirements, according to a source.
The issue got a little over 3 times application ( Rs 1500 crore) and most of it was received from many blue chip institutional investors.
The company has plans to invest around Rs 1,000 crore to develop a total of four projects across Gurugram, Delhi, and Tirupati.
The company is developing a luxury residential project in Gurugram, an affordable housing project in Tirupati, a plotted commercial or residential project in Gurugram, besides converting its existing motel near Delhi airport into a multi-storey hotel and office building.
Anant Raj has also planned an expansion of its affordable housing portfolio by developing an additional 1,900 units of 2 BHK homes in Tirupati, Andhra Pradesh. These affordable homes will be sold at less than Rs 20 lakh per unit. The developable area of the new project is about 1 million sq ft. The company has also delivered 2,663 affordable houses in Neemrana, Rajasthan.
All the projects will be launched over the next 6-9 months, and the company expects to achieve a revenue of Rs 4,500-5000 crore over the next 3-4 years from these projects.
Anant Raj also plans to develop 300 MW data centre buildings with a total investment of Rs 10,000 crore over the next few years.
Having earlier built three IT buildings across Manesar, Rai, and Panchkula in Haryana, the company is presently in the process of transforming these structures into data centres.
