Ansal Properties nears Rs300 crore private equity deal

Ansal Properties and Infrastructure is likely to ink a `300 crore private equity (PE) deal soon.

It would most likely be a project-level deal for one of the properties in Greater Noida, said a source. 

The company has 19 integrated townships in northern India with maximum saleable area in the residential segment.

The real estate developer has revised its pre-sales guidance for this fiscal by 4-5 million square feet (msf) to 21 msf on the back of robust traction in Gurgaon, Lucknow and Mohali.

The deal would be part of the Rs500 crore PE funding the company has been planning to raise.

The company has already raised Rs200 crore in February last year, when PE firm Red Fort Capital picked up a 26% stake in a joint venture with it. 

The JV was for expansion of a residential project in Gurgaon, adding 108 acre to an existing 112 acre township, called Escencia.

Earlier, the company had raised Rs70 crore from a group of high net worth individuals via preferential allotment in August 2010 and Rs230 crore through a qualified institutional placement in October that year. 

The company sold 16.4 msf worth Rs1,950 crore in the first nine months of the current fiscal, against Rs1,710 crore in the same period of the previous fiscal.

The company has debt worth Rs1,480 crore on its balance sheet, which it aims to reduce by Rs300 crore by the end of the current fiscal.