IVRCL Assets & Holdings to raise Rs1,000-cr

IVRCL Assets & Holdings will issue bonus shares in 1:2 ratio to the shareholders and will raise Rs1,000-crore by private placement of shares.

The board of the company has given approval for issuing bonus shares in the ratio of one share for every two held by the equity shareholders of the company, IVRCL Assets & Holdings (formerly known as IVR Prime Urban Developers Ltd) said in a filing to the Bombay Stock Exchange.

The board plans to raise Rs1,000-crore by way of qualified institutional placement (QIP) with potential buyers in one or more tranches to increase the net worth of the company and enable it to bid for large infrastructure projects.

These proposals are subject to shareholders approval who will meet on May 10.