One sector on which alarm bells are ringing today is real estate. Although stocks are having a rough session, the money raising continues. Sobha Developers is planning a QIP of three crore shares reports CNBC-TV18, quoting sources.
The book is open for Sobha Developers is what we understand for the QIP (Qualified Institutional Placement). Three core shares are what they are offering in the QIP book and the floor price is going to be Rs 227 which is a two-week average. So given the floor price, the total fund raising plan is Rs 680 crore. Only yesterday in the EGM (Extraordinary General Meeting) the company got an approval to raise up to Rs 1,500 crore via various means including QIP. So in the first tranch as I understand now they have opened the book to investors and they are looking at raising Rs 680 to 700 crore via this QIP issue.
In terms of dilution, it means that the promoters’ holding will come from 83% to close to 62–63%, so there is going to be a good amount of dilution from the promoters through this QIP issue. But I do know from investment banking sources that the QIP book has opened today with three crore shares and the floor price is Rs 227.
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