Realty firm Arihant Superstructures Ltd plans to raise up to Rs 500 crore through issuance of securities. In a regulatory filing, the Mumbai-based firm said the board of directors approved raising of up to Rs 500 crore by issuance of securities.
The issue of securities could be through private placement, preferential issue, qualified institutions placement (QIP), follow-on public offering (“FPO”), or a combination thereof. The proposed fundraising is subject to shareholders’ approval and other regulatory approvals.
The shareholders’ approval would be obtained through Extra-Ordinary General Meeting in due course. The board of directors has also constituted a fundraising committee for this purpose