BSEL Infra to raise Rs 100 cr via QIBs

BSEL Infrastructure Realty Limited is planning to raise around Rs 100 crore through qualified institutional buyers (QIB) for its forthcoming projects.

The Mumbai-based real estate company recently entered into a joint venture with Unity Infraprojects Ltd for a Rs 156-crore worth hotel-cum-commercial project at Shivchhatrapati Sports Complex in Pune.

Speaking to Business Standard, managing director Dharmendra Raichura said,"Although it is still at a nascent stage, we are planning to raise around Rs 100 crore through QIBs by the end of the year. We have also decided to take up projects in Goa and Kolkata. We have formed a 50-50 JV with Unity Infraprojects to build a hotel-cum-commercial project on a total built-up area of 6.5 lakh sft. Forty per cent of the land will be utilised for hotel and the remaining for commercial purpose."

The company's total shares is around 5,93,20000, of which 2,13,58172 shares are with the promoter and promoter group, 1,79,31828 shares with public, and 20030000 shares are held by custodians.

This is the first hotel project for BSEL. The project involves provision for 400 hotel rooms and commercial development of nearly 3 lakh sft area, while the land allotted to the JV is 6 acres.

The entire project is expected to be completed in two-and-a-half years, while the deadline for the hotel itself is around 15 months. The commercial part would feature ready-to-use offices, shopping complexes, etc.

The company plans to set up an IT park each in Goa and Kolkata, along with another commercial project in Kolkata. However, all these projects will be part of the JV with Unity.

Meanwhile, the company has its own commercial project planned for Vadodara, details of which Raichura refused to reveal. The company is also involved in the Sardar Sarovar Dam project.

Currently, another project worth Rs 450 crore of six shopping malls in Nagpur is under way. The malls, to be built in different parts of the city, will be spread over 25 lakh sft.

The company's net profit saw a huge rise of 591 per cent year-on-year to Rs 30.22 crore from Rs 4.37 crore for the corresponding period last year.