Sunteck Realty raises Rs 500 cr via QIP

Sunteck Realty today said it has raised Rs 500 crore through private placement of shares from institutional investors, mainly to fund upcoming projects.
In a regulatory filing, Sunteck's capital-raising committee approved the "issuance and allocation of 1,55,27,950 shares to be allotted to eligible qualified institutional buyers pursuant to QIP aggregating up to Rs 499.99 crore".
The company's qualified institutional placement (QIP) issue closed today.
The issue price is Rs 322 per share, at a discount of Rs 14.33 to the floor price of Rs 336.33.
The company will use the funds to develop commercial assets and general corporate purposes.