Fund raising plan towers "Ansal Properties"

Fund raising plan towers Ansal Properties

Ansal Properties & Infrastructure advanced 6.41% to Rs 205 at 9:57 IST on BSE after the company's board approved raising Rs 100 crore through issue of one crore secured redeemable non-convertible debentures to LIC Mutual Fund.

The company made this announcement after trading hours on Wednesday, 13 February 2008.

Meanwhile, BSE Sensex was up 558.05 points or 3.29% to 17,507.19, on strong cues from the global markets. Stocks rose across the globe as a surprise increase in US retail sales in January 2008 helped ease recession worries in the world's largest economy.

On BSE, 6,805 shares were traded in the counter. The scrip had an average daily volume of 2.93 lakh shares in the past one quarter.

The stock hit a high of Rs 209.15 and a low of Rs 203 so far during the day. The stock had a 52-week high of Rs 469 on 13 December 2007 and a 52-week low of Rs 146.05 on 22 January 2008.

The mid-cap scrip had underperformed the market over the past one month till 13 February 2008, declining 47.84% compared to the Sensex’s decline of 16.31%. It had also underperformed the market in the past one quarter, declining 28.26% compared to Sensex’s decline of 14.33%.

The company’s current equity is Rs 56.75 crore. Face value per share is Rs 5.

The current price of Rs 205 discounts its Q3 December 2007 annualized EPS of Rs 17.24, by a PE multiple of 11.89.

Ansal Properties will raise Rs 100 crore through the issue of one crore secured redeemable non convertible debentures (SRNCD) having tenure of 364 days and face value of Rs 100 each.

In October 2007, Ansal Properties & Infrastructure successfully diversified in the new business of power by establishing & commissioning windmills with a capacity of 12 megawatt (MW), at Kutch in Gujarat.

Ansal Properties & Infrastructure’s net profit rose 21.7% to Rs 48.91 crore on 18.8% growth in net sales to Rs 228.53 crore in Q3 December 2007 over Q3 December 2006.

The company is engaged in promotion and development of real estate, township development, construction of retail shopping malls, hospitals, hotels & clubs.