Ansal defers follow-on offer plan

New Delhi: Real estate major Ansal Properties & Infrastructure is understood to have deferred its proposed follow-on-public offer to raise about Rs 1,000 crore by couple of months due to volatile market conditions. The company is also toying with the idea of raising $250-300 million from international private equity firms.

The company had earlier planned to go for an FPO by February 2008. It is now understood to be waiting for an appropriate time for the FPO, a company official said.

The Ansal API Chairman, Mr Sushil Ansal, had earlier said the company would dilute promoter’s holding to 55 per cent from the current 74 per cent through an FPO to raise about Rs 1,000 crore for funding its expansion plans and to meet the development cost of the ongoing projects.

It is waiting for the merchant banker’s decision on the timing of the issue. But still, in view of completing SEBI formalities, it would take another 3-4 months, the sources added.