Parsvnath Developers eyeing shareholders approval to secure up to Rs 1,500 crore

NEW DELHI: Realty major Parsvnath Developers has demanded shareholders' nod to secure up to Rs 1,500 crore via the issue of equity shares or other securities with the aim to finance its projects and also cut debt. The securities can be issued to public and also the institutional investors via different routes consisting public offer and Qualified Institutional Placement (QIP) of shares. The recommendation would be considered by the shareholders in the annual general meeting (AGM), which is slated to be held on September 22. The resolution aims to give power to the board to take decision on the final contours of any fund raising exercises. The firm's debt was nearly Rs 1,200 crore as on June 30.