News: George Soros buys into realty firm Anant Raj
(TNN 15/08/2006) New Delhi - Billionaire investor George Soros has picked up close to 1% equity in real estate company Anant Raj Industries (ARIL), through his investment arm, Quantum Fund. Mr Soros is learnt to have mopped up the equity at a price of Rs 680 per share. When contacted, Amit Sarin, director, ARIL, confirmed that it was a secondary market development.
“We are happy that such reputed investment companies are taking interest in our company. This bodes well for the real estate sector in India at large, as global funds and investors looking at the sector are from developed countries,” he said.
Mr Soros has, of late, shown an appetite for real estate and infrastructure scrips in India. Last month, Quantum Fund bought around 2% in real estate firm Unitech for about Rs 200 crore. Earlier, it had bought about 1% in GMR Infrastructure for Rs 70 crore.
ARIL is looking at big names to join in its ambitious expansion plans. During the last quarter, the company made a preferential allotment of close to 10% of its equity or 35,00,000 fully paid-up equity shares and 15,04,000 warrants to Lehman Brothers Asia, ABN Amro Bank, and The Master Trust Bank of Japan (A/c HSBC Indian Equity Mother Fund).
The shares and warrants were issued at a rate of Rs 600 per share, inclusive of premium of Rs 590 per share. “Apart from access to liquidity, we are keen to attract good quality investors who carry credibility in the market,” Mr Sarin told ET.
The company has ambitious plans for the hospitality and IT sector. While in IT, the firm is looking at setting IT parks, in hospitality it wants to focus on the core of identifying and developing hotel properties and hand outsource the management. Recently, ARIL tied up with Sri Lanka-based hospitality management company, Atkin Spence, for one of its hotel properties.
ARIL, posted an impressive performance in the last quarter ended June ’06. The company’s income from operations during the quarter jumped 762% to Rs 38.9 crore from Rs 4.5 crore reported in the corresponding quarter ended June ’05. The PBDIT increased substantially to Rs 31.6 crore from Rs 0.9 crore reported in the corresponding quarter ended June ’05.
Currently, Anant Raj Group is under a process of consolidation of its companies into one, ARIL. The impact of these mergers will get reflected next year, Mr Sarin said. ARIL is part of the Anant Raj Group established in 1969 to carry out third party construction services.
Over the years the group has expanded and diversified into multiple companies engaged in residential/commercial developments for self and third parties. ARIL has also tied up with China’s Schezwan province to set up a centre-cum-mall, which will house about 600 companies from mainland China setting up liaison and exhibition offices in it.
“We are happy that such reputed investment companies are taking interest in our company. This bodes well for the real estate sector in India at large, as global funds and investors looking at the sector are from developed countries,” he said.
Mr Soros has, of late, shown an appetite for real estate and infrastructure scrips in India. Last month, Quantum Fund bought around 2% in real estate firm Unitech for about Rs 200 crore. Earlier, it had bought about 1% in GMR Infrastructure for Rs 70 crore.
ARIL is looking at big names to join in its ambitious expansion plans. During the last quarter, the company made a preferential allotment of close to 10% of its equity or 35,00,000 fully paid-up equity shares and 15,04,000 warrants to Lehman Brothers Asia, ABN Amro Bank, and The Master Trust Bank of Japan (A/c HSBC Indian Equity Mother Fund).
The shares and warrants were issued at a rate of Rs 600 per share, inclusive of premium of Rs 590 per share. “Apart from access to liquidity, we are keen to attract good quality investors who carry credibility in the market,” Mr Sarin told ET.
The company has ambitious plans for the hospitality and IT sector. While in IT, the firm is looking at setting IT parks, in hospitality it wants to focus on the core of identifying and developing hotel properties and hand outsource the management. Recently, ARIL tied up with Sri Lanka-based hospitality management company, Atkin Spence, for one of its hotel properties.
ARIL, posted an impressive performance in the last quarter ended June ’06. The company’s income from operations during the quarter jumped 762% to Rs 38.9 crore from Rs 4.5 crore reported in the corresponding quarter ended June ’05. The PBDIT increased substantially to Rs 31.6 crore from Rs 0.9 crore reported in the corresponding quarter ended June ’05.
Currently, Anant Raj Group is under a process of consolidation of its companies into one, ARIL. The impact of these mergers will get reflected next year, Mr Sarin said. ARIL is part of the Anant Raj Group established in 1969 to carry out third party construction services.
Over the years the group has expanded and diversified into multiple companies engaged in residential/commercial developments for self and third parties. ARIL has also tied up with China’s Schezwan province to set up a centre-cum-mall, which will house about 600 companies from mainland China setting up liaison and exhibition offices in it.
posted by InCar Group Press Room at 19:19
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