Arihant to raise capital for land banks
The Hindu Business Line - August 20, 2005

Arihant Foundations & Housing Ltd plans to raise fresh capital to create land banks in Chennai.

Mr Navratan Lunawath, Chairman and Managing Director, Arihant Foundations & Housing Ltd, said that the company has over six million sq ft of commercial and residential space to its credit.

The company has decided to issue 10 lakh equity shares of Rs 10 each on a preferential basis at a price of Rs 201 to non-resident Indians (NRIs), financial institutions, banks, mutual funds and promoters.

The company also plans to issue not more than 10 lakh convertible warrants, convertible into not more than 10 lakh equity shares of Rs 10 each, on a preferential basis at an exercise price of Rs 201 to NRIs, financial institutions, banks, mutual funds and promoters.

The authorised share capital of the company will be increased from Rs 6 crore to Rs 7 crore.