Parsvnath Developers leads the gainer list of ‘BSE Realty’ space

03 Oct 2011

Parsvnath Developers is currently trading at Rs. 66.20, up by 1.40 points or 2.16% from its previous closing of Rs. 64.80 on the BSE.

The scrip opened at Rs. 64.15 and has touched a high and low of Rs. 66.45 and Rs. 63.65 respectively. So far 5,60,000 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 5 has touched a 52 week high of Rs. 74.73 on 04-Oct-2010 and a 52 week low of Rs. 25.10 on 11-Feb-2011.

Last one week high and low of the scrip stood at Rs. 69.00 and Rs. 63.65 respectively. The current market cap of the company is Rs. 2,754.00 crore.

The promoters holding in the company stood at 68.21% while Institutions and Non-Institutions held 9.53% and 22.26% respectively.

Parsvnath Developers, real estate developer has received shareholders' approval to raise up to Rs 2,000 crore through the issue of securities to qualified institutional buyers. In the month of August the board of the company had sanctioned the implementation of the fund-raising plan over a 12-month period, subject to shareholders' approval.

The company will raise this amount primarily to reduce its debt, which stood at about Rs 1,200 crore as of June 30. The company decided to reduce its debt to Rs 500-700 crore by the end of 2011. Since 2009, the company has raised Rs 410 crore through the sale of stake in four projects being developed in the Delhi-NCR to private equity players. In addition, the company has raised nearly Rs 440 crore through two rounds of private placement of equity with institutional investors to reduce debt.

Parsvnath Developers is one of India’s leading real estate developers founded by Pradeep Kumar Jain. The company has an experience of more than two decades in offering state-of-the-art development and construction.

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