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Orbit Corporation to raise Rs 500 cr

Agencies
Posted: Thursday, Jun 04, 2009 at 1138 hrs IST
Updated: Thursday, Jun 04, 2009 at 1138 hrs IST

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HDIL to raise USD 600 mn via QIP Unitech raised $209 mn from asset sales: MD Mumbai is 6th most expensive office market

Mumbai: Real estate firm Orbit Corporation said it will Rs 500 crore through a private placement of shares to qualified institutions investors.

The board of directors of the company in a meeting has approved raising up to Rs 500 crore either through a preferential issue of shares or private placement.

Further, the board has approved issuing warrants on a preferential basis to the promoters of the company.

The proposals are subject to approval in the shareholders' meeting, to take place on July 9, it said.

Shares of Orbit Corporation were trading at Rs 213, up 3.55 per cent on the BSE.

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