Oberoi Realty plans to raise funds

Real estate developer Oberoi Realty Ltd is planning to raise funds from institutional investors through a qualified institutional placement (QIP). QIP is a capital-raising tool through which listed companies can sell shares, fully and partly convertible debentures, or any securities other than warrants that are convertible into stocks, to a qualified institutional buyer. Oberoi Realty is one of Mumbai’s largest real estate developers and has developed over 40 projects across the city, aggregating about 11.30 million sq. ft. The company has an additional 28 million sq. ft. under development.The residential projects being built by the company include Prisma, Sky City and Esquire in the western Mumbai suburbs of Andheri, Borivali and Goregaon, respectively. The company is also developing a residential and hotel project in upmarket locality of Worli in central Mumbai called Three Sixty West.