Peninsula Land Eyes Mumbai Land Parcels with ₹500 Crore QIP
Peninsula Land, a prominent real estate firm, is gearing up to secure ₹500 crore through a qualified institutional placement (QIP) to facilitate land acquisitions in Mumbai. The company has already identified five prospective plots located in Parel, Lower Parel, Kanjurmarg, and Thane, highlighting its strategic focus on prime locations. This capital infusion will be instrumental in acquiring these new properties and bolstering the company's land bank. The organization currently holds board approval to raise a substantial ₹750 crore, and a definitive decision regarding the final amount will be reached during its annual general meeting. The move underscores Peninsula Land’s commitment to expanding their presence within the Mumbai real estate market. This investment holds significant promise for their future growth and development.