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 Cash-strapped Delhi-based property developers Parsvnath and Omaxe have initiated moves to raise at least Rs 1,000 crore each by way of share sales to qualified institutional buyers, hoping to capitalise on the recent success of their peers in raising funds, officials at the two firms said.

Senior executives at the two companies, who asked not to be named, said separately plans were being firmed up by them to raise between Rs 1000-2000 crore each through the qualified institutional placement (QIP) route.

The two firms did not respond to separate ET queries asking them to comment on any QIP plans, although analysts said it would not be surprising if they took advantage of the rising appetite among investors for real estate stocks.

Earlier this week, Indiabulls Real Estate successfully raised Rs 2,656 crore through the QIP route, the third company to have raised funds in recent weeks. Last week, promoters of the country's largest real estate firm DLF sold a 9.9% stake in the company and raised Rs 3,860 crore. Unitech was the first to do a QIP in a turbulent market last month and raised Rs 1,600 crore.

Shares of Omaxe and Parsvnath closed 20% higher on the BSE at Rs 84.75 and Rs 75.15, respectively, on Wednesday, contrasting a 1.69% drop in the benchmark 30-share BSE index. Parsvnath's shares are up 57% since last Friday, with Omaxe having risen 51%.




Courtesy:- ET dt:- 21-05-2009