The Hindu Business Line : Peninsula Land board okays raising capital

The board of directors of Peninsula Land Ltd, part of the Ashok Piramal Group, approved raising of capital by way of issue of up to 60 lakhs fresh equity shares. Raising of these additional funds could be achieved through a Qualified Institutional Placement, follow-on public issue, private placement or a combination of these instruments. The company will make this issue in the right market conditions and expects to raise about Rs 500 crore.

Commenting on this move, Ms Urvi Piramal, the company Chairperson said in the last couple of months, it added about 10 million sq. ft of land bank. PLL, earlier known as Morarjee Realties Ltd, is engaged in construction and development of real estate.

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