Ansal Properties and Infrastructure Ltd plans to raise funds by diluting its stake in various projects to speed  up the development of its housing and commercial projects.

According to a recent valuation done by an international property consultant, the company's landbank is valued at Rs5000cr as on October 31, 2009. The net asset value per share of the company is Rs 400. The company has a land bank of around 6,200 acres.

The company’s debt equity ratio at present is 1:1. Its land bank includes around 25 projects spread across NCR, out of which 12 are being developed through JVs.

Ansal API has been aggressively looking out to raise funds through various sources.

In December 2009, Ansal API had announced its plans to raise Rs 650cr through QIP. The process is to be completed this month. At the time of announcement, the company had said that the funds would be utilized to retire its debt of Rs 1000cr and fund its Rs 2000cr project. It is not known whether the company has changed it QIP plans and decided to raise funds by diluting stake instead.

Prior to that Ansal API was in talks with Red Fort India Real Estate and Investate Realty to sell stake in 2 of its projects to raise around $100mn.

In August 2009, IPRO had acquired 10% stake in Ansal Properties for Rs 88cr by subscribing to 1.26cr preferential shares.

Ansal API has lined up a series of new project launches . The new projects will include new township/group housing projects in NCR, Haryana, UP and Punjab, retail (mall) projects in Punjab and industrial park and IT SEZ projects in NCR, Haryana and Punjab.

Source: Financial Express