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Oberoi Realty to raise 12B rupees in institutional placement

Oberoi Realty Ltd. authorized June 13 the launch of a qualified institutional placement, with the floor price set at 509.29 Indian rupees per share.

The Mumbai property developer said in the initial prospectus filed with the Securities and Exchange Board of India that net proceeds will be used for acquisition of land plots, further investments in its subsidiaries, joint ventures and affiliates, debt repayment and general corporate purposes, among other uses.

The company did not disclose the size of the institutional placement in the prospectus. However, according to a source cited in a June 13 Mint report, Oberoi is looking at raising 12.00 billion rupees through the sale of shares, which secured shareholders' approval in a June 5 meeting.

JM Financial Ltd. and Morgan Stanley India Co. Pte. Ltd. were hired to act as book-running lead managers for the placement.

As of June 13, US$1 was equivalent to 67.56 Indian rupees.