Realty firm Mahindra Lifespace Developers plans to raise about Rs 400 crore by issue of shares to institutional investors.
“The board of directors at its meeting held on August 31, 2013 approved raising of funds not exceeding Rs 400 crore by issue of equity shares by way of a qualified institutional placement (QIP) to qualified institutional buyers,” Mahindra Lifespace said in a filing to the BSE.
The funds would be raised subject to the approval of shareholders through a postal ballot on September 6, it said, adding that the results of the postal ballot will be declared on October 22.
The timing and price at which the shares would be issued via QIP route would be decided either by the board or a committee of directors to be constituted in this regard, it added.
The company’s scrip was trading up 1.86 per cent to Rs 409.05 on the BSE.