Realty firm sells 7% to investors for Rs 300 cr

Lehman Brothers, ABN Amro and HSBC Investments have together picked up about 7 per cent in Delhi-based real estate developer AnantRaj Industries for Rs 300 crore, valuing the company at Rs 4,285.7 crore.

As part of the deal, AnantRaj has issued to the three investors 50,00,000 equity shares and warrants on a preferential basis, priced at Rs 600 per share.

Lehman Brothers Asia and GRA Finance Corporation Ltd (Mauritius) will have 7,50,000 equity shares and 3,22,500 warrants in the Indian real estate developer. ABN Amro Bank will have 20,50,000 equity shares and 8,81,500 warrants. HSBC Investment will have 7,00,000 equity shares and 3,00,000 warrants in AnantRaj.

According to senior government officials, the company has got approval from various government agencies for the transaction.

"We are looking at expanding operations outside Delhi in a major way. The investments by these companies will help us," Amit Sareen, director, AnantRaj Industries said.

In a parallel development, AnantRaj has entered into an agreement with Adlabs for operational management of a multiplex in Delhi.

As per the agreement, AnantRaj will own the property while management of the project will be undertaken by Adlabs. The company expects to replicate this model at other locations in the future.