Sunteck Realty raises Rs. 500 crore via QIP

Sunteck Realty raises Rs. 500 crore via QIP

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Sunteck Realty Ltd announced that the Board of Directors at their meeting held i.e. October 27, 2017 approved the proposal to issue equity shares on preferential basis of face value of Re. 1/- to the Promoters and Promoters Group namely Astha Trust, Glint Infraprojects Private Limited, Eskay Infrastructure Development Private Limited, Starteck Infraprojects Private Limited, i.e. Equity Shares 46,67,697 at an issue price of Rs. 323.50/- (including a premium of Rs. 322.50/-) per equity share amounting approximately to Rs. 151 crores in accordance with Chapter VII of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 and subsequent amendments thereto, who form part of the person belonging to the Promoter Category subject to all the requisite approvals including the approval from members of the Company.

The company also announced that in respect of the QIP, the Capital Raising Committee of the Company (the ‘Committee’) at its meeting has passed the following resolutions:

The board Approved the closure of the QIP, today i.e. 27th October 2017;

The board also Approved the issue price of Rs. 322 per Equity Share (including premium of Rs. 321 per Equity Share), which is at a discount of Rs. 14.33 per Equity Share, to the Floor Price of Rs. 336.33 per Equity Share, for the issuance and allocation of 1,55,27,950 Equity Shares to be allotted to eligible qualified institutional buyers pursuant to the QIP aggregating upto Rs. 499,99,99,900 (Rupees Four Hundred and Ninety Nine Crores Ninety Nine Lakhs Ninety Nine Thousand and Nine Hundred only);

The board Approved and adopted the placement document dated 27th October, 2017, in connection with the QIP and also Approved the issue of Confirmation of Allocation Notes (‘CANs) to the qualified institutional buyers.