Penisula Land issues shares in QIP route

Thebullishtrends: Penisula Land share price closed on Friday at Rs.160. As per latest reports Foreign investors such as Franklin Templeton, HSBC, ABN Amro have picked up around 10% stake in the Ashok Piramal group’s real estate arm, Peninsula Land (PLL) for Rs 525 crore via QIP route at just over Rs 5,000 crore.After this QIP placement Promoter stake in the company will comedown to 52.54% from 62.3%. PLL officials said that the money will be used for land acquisition and construction of new projects. PLL was among the first companies to use old Mumbai textile mill land to enter the property development business, a move which has triggered a frenzy of mall building and corporate high-rises in that part of Mumbai. PLL now owns around 32 million sq.ft of land and has already developed 5.5 million sq.ft in the Mumbai market alone.