4 cos float issues to raise 1.67 bn

Housing Development amp; Infrastructure Ltd plans to raise about 300 million by selling shares in the range of Rs 240-250 each. The share sale to qualified institutional investors at 5.6 per cent discount at the top end to Mondays closing price,has just been launched.

The offer is to raise a minimum of 300 million,but can go up depending on the response, one source said. The firm has received shareholder approval to sell shares worth up to 600 million. Kotak Mahindra Capital Co,JP Morgan and Macquarie are the arrangers for the offer.

Hindustan Construction on Monday said it will allot shares to institutional investors at Rs 102.15 a piece for raising up to Rs 1,500 crore. In a filing to the Bombay Stock Exchange the company said the floor price of the issue of shares to qualified institutional buyers QIBs has been fixed at Rs 102.15 a piece and the issue opened today. Real estate developer Unitech Ltd has got a commitment to raise about 575 million by selling shares to about 40 institutional investors. Unitech will be selling more than 340 million shares at Rs 81 each.

Some formalities are yet to be completed. The money will come in July, a source said. The company had raised Rs 1,620 crore in April by selling 420 million shares to institutional investors at Rs 38.50 each.

According to merchant bankers,more companies,especially in the infrastructure and real estate segments,are planning to come out with QIP issues in the near future. QIP issues are faster,cheaper and more convenient to the issuers, said a merchant banker.

Nagarjuna Construction on Monday said it will raise Rs 550 crore through qualified institutional placements QIP route. Several other companies are gearing up to launch QIP issues.