Mumbai: The Citibank group through its affiliates — CBC Bahrain and Citigroup Venture Capital International Growth Partnership Mauritius Ltd — would be picking up 5.75 per cent stake in Ansal Properties & Infrastructure Ltd.
Ansal Properties would be issuing 28,83,149 equity shares of Rs 5 face value at a price of Rs 610 per share to the Citi group affiliates involving an investment worth Rs 175.8 crore on a preferential basis as per the guidelines of the Securities and Exchange Board of India.
The Ansal board on Friday approved the investment plans and the proposal is subject to shareholders approval, according to a company release.
The company has also approved the issue and allotment of 8,19,659 Zero Coupon Secured Redeemable Optionally Convertible Debentures of Rs 100 each for cash to HDFC Venture Trustee Company Ltd to be convertible at around Rs 610 per share aggregating to Rs 50 crore, on preferential basis.
According to the company CEO, Mr Anil Kumar, these investment would help the company in its infrastructural ventures and also in the planned special economic zones.
Taken from Business Line
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