APIL, the flagship company of the Ansal API Group and one of the leading real estate developers, has announced its intentions to raise up to Rs 1,500 crore by way of qualified institutions placement (QIP). The company’s board of directors at its meeting held today decided to seek the approval of shareholders to issue equity shares to residents and non-resident qualified institutional buyers by way of QIP to qualified institutional buyers for raising a sum of up to Rs 1,500 crore.

Pranav Ansal, VC & MD of APIL, said, “The raising of funds via the QIP route is a capital-raising exercise for APIL to provide both business and financial strength to significantly enhance the company’s flexibility.”