BIG REALTORS INFUSE CASH TO RIDE DOWNTURN
Things have started to
look up real estate developers who for the last few
months were reeling under the double whammy of poor buyer demand and low
availability of funds.
In a month’s time,
three major developers including DLF, Unitech and
“Availability of credit, for both developers and buyers, and an improvement in
demand are essential for a complete recovery,” Anshuman Magazine, managing director,
South Asia, at real estate consulting firm CB Richard Ellis.
Indiabullls this week
announced an institutional placement of shares to raise Rs. 2,656 crore.“
Last month, Unitech
raised Rs. 1,621 crore through a qualified institutional placement (QIP) which
led to the promoters’ stake falling to 51 per cent. They now plan to inject Rs
1,000 crore through convertible warrants to take it to 61 per cent, informed
sources said.
Last week, DLF’s promoters diluted 10 per cent stakes to
aid promoter-controlled leasing affiliate DLF Assets Limited (DAL). “We
are pleased to follow through our commitments with this game changing
transaction” Rajiv Singh, vice chairman, DLF had said.
Courtesy:- HT dt:-
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