Realty firm Parsvnath today said its promoters have pledged 2.57% stake in the company and raised an estimated Rs 50 crore.
According to a filing to the Bombay Stock Exchange (BSE), promoter group company Pradeep Kumar Jain & Sons (HUF) pledged 37,30,000 shares or 0.86% stake, on April 27.
The company's Chairman Pradeep Jain also pledged 74,60,000 shares, 1.71% holding, on the same day.
Although the firm did not say as to how much amount it has raised through the two transactions, as per the closing price of Parsvnath's scrip on the BSE on the day of the deal, the company is estimated to have raised nearly Rs 50 crore.
Last month, the promoters had revoked over 5 crore shares, about 12% stake in the realty firm, pledged with the financial institutions.
Delhi-based Parsvnath Developers has a land bank of 193 million sq ft, which is spread over 44 cities in 15 states.
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At present, the company is focusing on execution of 54 projects covering 80 million sq ft of saleable area, out of which 42.5 million sq ft has been already sold.
In February, the company had said that it will invest Rs 4,700 crore over the next three years to complete existing projects. It expects a sales realisation of over Rs 14,000 crore during this period.
Since 2009, Parsvnath has raised Rs 410 crore by selling stakes at project level to private equity players for four projects being developed in Delhi-NCR.
Besides, the company has also raised nearly Rs 440 crore through two rounds of private placement of equity with institutional investors to reduce debt that currently stands at about Rs 1,200 crore.
Earlier, Jain had said the company plans to reduce debt to Rs 500-700 crore by end of 2011.
The shares of the company today closed 0.96% up at Rs 42.10 apiece on the BSE.