Ashish Patel and Prafulbhai Patel-prompted-Radhe Developers, has decided to raise Rs 500 crore through various funds raising routes from domestic and international markets.

The board of directors has already sanctioned its approval to raise Rs 500 crore by private placement of shares with buyers and from Global Depository Receipts
(GDRs).

However, the proposal is subjected to the regulatory sanctions, approvals and consents.

Apart from latest development, the board has also given its nod to undertake new residential or commercial projects in all cities of India and to enter into joint venture or takeover of any residential or commercial projects.

The scrip of the company today closed at Rs 7, down 4% compared to its previous close on BSE.